Financial Times , 1982, UK, English

y V : '

PUBLISHED IN LONDON AND FRANXFUJjX

Robart RHcyLUt fcnnrhrtnlr

no- 28,712 Monday March 1 1981

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Industrial and
Commercial Property

W:M-236300D Telex: 885485

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ftfflr . rtJHTUGAL Ek 50; SPAIN Pta 85; SWEDEN Kr 5.00; SWITZERLAND Ff 2 . 0 ; EIRE 42p; MALTA 3Qo

■ ■

Hijackers surrender

■

at Stansted airport
after weekend siege

f *««a on Saturtw afternoon.

Surveys on economy
highlight budget

dile

a for Howe

ST MAX WILKINSON, economics correspondent

Wytch

Farm

sale

delayed

By Ray Dafter, Energy Editor

aJrUoer surrendered at sSS a™ afterao ^ n * J v TIDE LATEST reports on the in_ line with the Treasury's Teasuiy was estimating -that BRITISH GAS CORPORATION

airport and released all police surrounded the economy, wt today, private view and with the most ■ public borrowing for 1982-83 has told the Government that

1 . . reu^aseu an their aircraft and a special anti, show the dilemma far-im* sto- n>r» n t w ahn«t rr. 5 hn tn £Rhn it »in i ...vrrfP.T

■

Bundesbank hits
at competitive

devaluation

■

BY JONATHAN CARR IN BONN

THE DEUTSCHE Bundesbank D-Mark, saying that the econo-
has warned of the dang ers of mic fundamentals, not least the
competitive currency devalua- cut in West Germany’s current
tion. and stressed that parity account deficit, spoke for a
changes in the European strengthening of the German

SoSagcsIS S* SEIXL “1 / ***** «■* show the dilemma facing Si^ ‘recent forest tiie be about £75bn to £8bu UwlU hare to wSt^Sl ie£ Monetary System should^

Thry badbccn^emaRdlne the aw sSriJS? S ^ cial H , owe - ChanceUor, National Institute for Economic if policies were unchanged." into the 1982-83 financial year made only as a last resort. ^Therl'

" ir Services was flown in to for Ins Budget on March 9. and Social Research. It was assumed that income tax before the sale nf wLr* The warning came in a week-

" * *» “• Bua »* « and Social Research. It Was aKnmed that income tax before italSte iThTWilS The tearning came in*a' week- Uo?to( to D^ril to £S?£

dcntNrererl hnf^2? te S aljCfaft £ necessary. Evidence from the Confedera. The CBI’s latest monthly thresholds and erase duties Farm oil assets in Dorset 'can end speech by Herr Karl Otto D a ?i™

their s‘lece e when a o^- t K*SJ tion of British Industry and trends inquiry shows, it says, nb would be raised in line with be completed. The sale is e£ Poehl, the Bundesbank presi- the doUar^and^hS rhkS^inri

{wmL an r.^ t0 p ”!? nt takeoff leading independent fore- indication of a substantial the inflation rate. pected £ raise over mom. dent. He rejected the idea that 2. iSS' ™ l *

?/ £”?.* i® 1 ?® n *? 0 tiations were casters suggest that recovery recovery in the short run, but The Government’s medium- air _ eI T-wson Ener°v West Germany might introduce
« 1 Ins u* Lond on, spoke held, during which the hijackers from the sluum will be slueeish there are some signs of a term financial strategy implied Sen-ptarv^ barf aciran’ th. capital controls to shield itself nnderim^d that the lm-

to thvm by radio yesterday, _ threatened to blow up the craft nn£s tli rhanrannr IvS Mm i ted pick-up of activity later that borrowing should be about from the impact of hieh S provement in West Germany’s

,660 manufac- cellor had £1.5bn to £2bn to
showed a 3 “give away" if he wanted to

lm-

a Tamanian Internal flight. It police custody and face trial in that the fall ’ in oil orices^s turing companies showed a 3 “ give away " if he wanted to ?c i seen as a reaction both to the S c mterest , ? lPS „ t0 Ievels at

landed In Nairobi. Jeddah and Britain. Nyerere’s problems, likely to dent eovemment per cent balance of opinion that stay on course. fnii S realignment in the EMS last ti ™ os I ? ore 111311 6 Percentage

Athens before arriving at Stan- Page 2 p ems, Jent ®jve rmnent d ^ ae ^ ^ haye week ^ to thT^S below U.S. dollar rates.

_ even his modest nlans for hp.lt>- next four months. reduced his margin by £500m or ,, nt ;i i-toF fKis^ar German summit meeting in West Germany had thus

CCH EDA I RtlfillirCQ est plans for help- There was a slight improve- a little more: in Edition tko Paris when w»v<i nf «iw nnn i. already gone a long way to

Athens before arriving at Stan- Page 2

GENERAL BUSINESS

Jaruzelski
to relax

Japan seeks
trade talks

Polish curbs with U.S.

even his modest plans for help-
ing the economy.

As a result it seems likely
he will feel unable to give away
much more than £lbn in tax
cuts without risking govern-
ment borrowing higher than the
limits of official strategy.

The London Business School,
which in the past has been
broadly sympathetic - to

next four months. . reduced his margin by £500m or a his ^ ^ German summit meeting in , w ^f t Germany had thus

There was a slight miprove- a little more. In addition, the if is aSoti^r^ppoiutment Paris > when w ®y* of “de-coupl- f. Dnc „ ?, I P. n ^

__ j +T, cp , oil for 1 Sir^Geoffrey^HoSe^^Se m S n Europe from U.S. interest ^™Sr5? w^Jhf e 5»iJ55' Y5l
pnees and them effects on chancellor who is faced with rates were discussed. j? “ ei T. P° eD - stressed, ana

Ending counefl rates “would revenues have moved the famSr North' Sea oS m-enuw Above all, they are felt to L *"* , t0 ,f u W es j

ndnrfi RPL” Pase 4. Trpasiim’fi hndoat enflmuNe i. _»■ i .s rpflflFt ennnom that fha i4nrra1<i, that the Bundesbank had

s ajest
f pro-
if air-
i and
> alL
t res-
s, he
1 (the
going
pro-
t see
•e we
rport-

nrade
arms
the
but
parts
' says
ldus-
vem-
any
who
r the
the

job,
rang
pean
anu-
w is
of
Vest

already gone a long way to
“de-coupling” itself from.U^.
rates, Herr Poeh! stressed, and

Ending eouneU rates “would
reduce RPI,” Page 4.
Economists predict strain on
company funds. Page 5. State
urged to ease burden on
Industry, Page 5. ' Oil prices
and the Budget. Page 12.
FT Business Opinion, Page 18.

fteasuu-s budget arittauetic rriuiuo^ reflect concern that thedevalua- SLea “sfaveorStericau

sbaiply towards cauhon. Up- and a changing view of the «■»" "f the Belgian franc . for “*™“ * oc Amencan

ward revisions of the interest
paid on the national debt and
the poorer outlook for asset
sales may have added to this.

It would be politically
embarrassing for the Chancellor

JL UlUiUl UUU>i3 tt *iju the Governments’ monetarist isusmess upuuon. rage is. it would be politically

Polish airthflriH« eased some • JAPAN is to seek ministerial strategy, today backs the CBrs ~ embarrassing for the Chancellor

raariial ^SstiSons^is talks with tiie U.S. on bilateral for a cut in payroll tax orders, with 50 per cent saying to announce that this cup-

Tp-idnr 1 r trade and other economic Drob- to help Industry. It says cor- orders were below normal board was now bare, so he is

ni a roH r tfP]^t^lri^h r ^rfpm»Smi lems. It hopes the talks can porate profits have fallen so low levels, compared with 55 per likely to settle for- modest

ffr ? ? f .n TT-^ ^ r Sde the Peri? eeSoSS Mmpanies will have to go cent in November end 65 per measures costing about flbn.
ftge- W«t Ge^u^ton?h5 St StbTali' SSr heavily into debt to finance a cent in June. The most favoured and the

stand by n bP recovery. The Financial Times’s Busi- “safest” of the Treasury’s

piu»e; West Germans stand by sxunnut meeting this summer
pipeline deal. Page 2 Back Page

‘Ban rates’ call

Abolishing rates and putting up
income tax instead could cut 3
per cent off the retail price
index, a Lloyds Bank adviser
argues. Page 4

THE Government intends to
introduce a guillotine on
Commons discussion of the
Oil and Gas (Enterprise) Bill.
There has so far been 54
hours of discussions on the
Bill whieh proposes to sell off
North Sea oil operations and
open up some British Gas
operations to competition.
Back Page

the first time formally since m ^} etary . . .

1949, as well as the Danish . bank could not

krone, might signal the start Ig ? or i ; g r tlie j? 1 ! 1 t ! iat mtcre ft
of a chain reaction of devalua- . rate played a role

tion aimed at improving trade ! n movements, but

competitiveness.

imposition of capital controls

summit meeting this summer, heavily, into debt to finance a cent m June. The most favoured and the operations to competition.

BackPage recovery. The Financial Times's Busi- “safest" of the Treasury's Back Page

■Its Centre for Economic ness Opinion Survey today options for tax cuts was a reduc-

• DANISH krone finished as Forecasting has produced its shows improved optimism, tion in the employers’ insurance worth of oil assets soon to be

the strongest member of the gloomiest prediction for unem- although only half the com- surcharge. However, the Chan- i Q the public. These

Herr Poehl stressed that de- was 110 answ e r t° this,
valuation was a double-edged “There is only one way to
sword. Experience showed that dc-couple ourselves more than
any benefit which it brought on hav e already done from U.S.
the export side was swiftly con- interest rates, and that is
sumed by spiralling domestic through discipline on costs and
wages and prices. improvement of our competi-

He agreed that parity changes tiveness," he said,
in the EMS were unavoidable . A joint statement on Thurs-

tary
i cul-
ll be
own
ion.

ues,
mot
uro-
1 un-
ion.

; be
iOIEh

^ ties

of ,

February 26,1982

1. GRID

tan

IVr-

Pefcnce Secretary John Nott repiemsnen some tn
said Britain needed the Trident currency r eserve s.

Uelerrent in case Nato collapsed, week, and speeul a nv e pressure

tended- to subside later.

The D-mark was the weakest

Libera! bid member. .

The Liberals are likely to carry rrflb ^.L n/» man

the Alliance colours in. the | t®M fOTI3ry tD r IWl

P-pur-finifiekT nwseji.. — 1

hi the t(earh at the weekend of uHll)

Conservative Sir Ronald Bell*-*. I J .

Sutcliffe objects :

Frier Sutcliffe is to oppose the
amount of damages: sought by
the mniher of his youngest
murder vkLim. His wife tins
weeks seeks- legal -separation.

Prison death trial

Three prison niHrers stand trial
tiula>' at Leicester Crown Court
accused of murdering inmate
Barry Prosser.

Cricket ‘jeopardy’

Five of the England cricket

The Belgian currency .came 2 point cut in the Employers' under strong pressure to give lower oil prices would help the Corporation's North Sea oil 76311 GU1 5 e t ^ ie countries would act to. masteri

under some pressure in the National Insurance surcharge. an upward push to demand. UK’s competitiveness. interests. began in they under- thesituation.

market, but remained comfort- I^ie school has become more However, in the last few weeks He may judge this a good The Wvtch Farm sale is mll ? e( * t ^ !e advantages of the This was widely interpreted
ably near the top of the system, cautious about the outlook for his scope for assistance has been argument for leaving the sur- attractive to the Government sy ^f in ' ■ ® n i ■ C ^ T ^ DC I 35

The Belgian National Bank econonuc growth this year. It narrowing fast. charge untouched or, at most, because it can be accomplished ec0DO ® lc Performances implying that new capital con-

ronlpnishprf some of its lost nuts this at 1.5 ner cent, h road lv Tn eariv .TannaTv the Continued on Rack Pace ml..., «... i x„_ the member-states would trols might be in tiie offing.

‘Lift curb on cable TV’
report recommeiids

quicKiy, mnoui rae nwa iui diverge still further, and above However, Government officials
a special Bill. Also, the assets aU the gap ^ inflation rates in Bonn, as well as Herr Poehl,
will probably be sold by tender, ^ 0 ^ 1 ^ gr 0W> have underlined that this is not

to the highest bidder, rather
than through a fixed price
share sale, as in the case of
Amersham International, the
radioactive materials producer
whose dispel has .sparked a
major raw. * .. .

British Gas, which has not
hidden its dislike for the sale,

‘He was optimistic about the the case.

Labour drops MuIIsy

he
is
'he
□d
1 iss
■ to

is
• lit
. by
. id
ce
is
is
>r

is

BY OUR POLITICAL CORRESPONDENT

VT.'

1

BY GUY DE JONQUIERE5

AN D£MEDLATE go-ahead for information services.

Announcement in “ broad

hidden its dislike for the sale, MR FRED MULLEY, the the message to oldev MPs that
has told the Energy Select Com- former Labour Defence Secre- the days of deferential constitu-
mittee of the Commons that the tary, last nijriit became the most enev parties are numbered,
corporation's interests could be senior Labour figure to fall vio Mr Cabom nut his name far-
worth £450m. The sale includes tira to the party's new selection ward for selection despite a
not only the corporation’s 50 procedures. request from Labour's National

commercial satellite broadcast- The expansion JC* cable tele- outline" of future policy pr £'. ed, f es - . . „ _ „ requert from Labour’s National

ing and the removal of govern- vision would Tuxlfie an impor- towards cable television by mid- s . party of Sheffield Executive Committee to MEPs

ment restrictions on cable tele- tant new market for British 1932 to allow industry time to to ^ ra a I , n °t to stand asainst sitting MPs,

vision are recommended in a suppliers ^omnunteUns invest in new systems. Cable § ltS and chose instead in the interest of party; unity,

report drawn up bv a panel of svstems. office eoujumenL com- operators should be licensed diseo 1 ery. ... ® leftwinger, Mr Richard Moderates may try to claim that,

independent eSpert* at the 22^ tSrtston ^ ind^ aid freed from Testrietions on fl 2^ S? 0 " 1, Shfffleld s Europ '“ ^ OahCHi to breaWng the

request of the Prime Minister. "SgSntne the progrstotnes, they diriribute. SSlStfSEZlStt "S. to-

+ s 'e ecu

TO J _ _4

ii

report drawn up by a panel of systems, office equipment, corn-
independent experts at the pule ns, television sets and a

4 r

m

V

"The” reMri fa'TsSSSi’to ISL,?™ 1 “ PrOSram “ B •A''reri^i"tte-1^4i«tioM tion using a discount rate of 5 Mr MuHey. 63. Joins sut other be able to VnaKe the charge
form the basis for Government L that deregulati ng cable tele- P 61 " lQ tenns, accord- Ijabour MPs v,*ho have b“?n stick. It therefore looks as if

decisions on the future of broad- ^ he Cpyemment must com- ris j on WO uld have for the J 11 ®, 10 a report published ye- dropped -by their local partips. Mr Mulley’s political career has

casting policy this month mit lts 5 W S actl °? n S06 5 financing and regulation of nor- j! rd £ y sj^brokers Wood. His fate will add to the in- been brought to an end after 32

nnssiblv this week. — preferably by the middle of ma i broadcasting and a decision Madre 02 ^. The value would be security of other Labour mod er- years.

Its recommendations have yea L"I7 on whether to set up a statutory Qnly ^Li° yf 190 ? 1 ^ j at ?® fwing reselection and vdll Mr Mulley, who was ill re-

beem discused bv Mrs Margaret losses * orce cabIe Pg 61 ?' body to ’ oversee the cable discount rate, used m raise the whole question of a cently, has been at odds with

Thatcher and ‘the Ministers t&ra to close large parts of their j n( j us tiy. - North Sea transactions, was local party’s nsht to select its his local party for some time-

most closely involved and are systems. • Encouragement of effective ch «e n - ^own MP. It will also reinforce Continued on Back Page

Five of the England cricket Thatcher and the Ministers w industry.

tram returned from the India Tha , ctwl **S W * th * «««";«'"« m ost closely involved and are systems. # Encouragement of effective

Ur. Boycott, ZSTT^ SZTSTS understood 1 to here been The report is due to be pub- ^f.reguhtion by the . coble

arc among 12 who have gone to wetktsr currency «n r/» system defines favourably received. Ushed this month or early in television industry, similar to

play in South Africa, joopafdis- ihi mu r«m .'ram mheii no cwrency By lifting its controls over April. It was drawm up by tne that exercised by the adver-

ins their Test careers. IP'S HOOt cable television programming, Information Technology Advi- tising and newspaper industries.

chosen.

I own MP- It will also reinforce Continued on Baek Page

CB link with God

Ciimish vicar Raymond Wallace
is using CB radio to keep in
touch with The housebound and
to raise money.

(except the i.raj msy move more riun television programming. Information Technology Advi- tising and newspaper industries.

om fl ‘ f “ the report says the Government sory Panel appointed last July. O Establishment by the

central rate mm mgamrt the European could stimulate the rapid Its six members are drawn from Industry Department of a work-

Cutrtncj Unit /Ecu) its*:* a basket development of a £lbn a year the electronics industry, ing group to define technical
European cuiranaes. industry whose financing could research organisations and the standards for cable networks by

• NO R THE R N' IRELAND be provided entirely frc*a the academic world. the end of this year.

Department of Commerce said private sector. The panel’s principal recom- • Creation by the Industry

.j vas final stages of talks At present cable television men d a tions for government department of a common

with an unnamed U.S. company operators my transmit legally “T7Z uL, “forum” grouping aU parties

abuut opening a plant near only programmes broadcast by acuon are - interested in cable television.

rtvi - Belfast. Back Page; De Lorean the* BBC and independent tele- • I mm ediate approval for the About 2.6m homes in Britain

*”■ talks. Page 6 \-ision nerworks. start of commercial satellite are served by cable television,

lenta on Canvcy „„ They should be free to dis- broadcasting and authorisation The report estimates it would

out onto the • UK'S TOP DIRECTORS tr ,bute whatever material they for cable systems to distribute cost about £2J5bn to install

a siren al a received a 14 per cent median j c h 0 ose, the report says. This satellite - transmitted pro- systems which could reach half

slant went off MF rlse l3St yf ar » about tiie j _<,> include feature films, grammes. If necessary, cable the population. There would be

False alarm

•’ Frantic ” residents on Canvcy
Island poured oui onto the
hirevts when a siren al a

interested in cable television.
About 2.6m homes in Britain

THE £25 MILLION

LIFT TRUCK

Yours from under £9,000

melhanc gas plant went off MT rlse l3St J -Klr ' tiie include feature films, grammes. If necessary, cable the population. There would b«

accidentally, same as 19S0, sa> - s a Charter- educational programmes, sub- operators should be released little difficulty in raising the in

house Group study. Face 4 ruM rirPF. frnm the obligations to distri- vestment from nrivate sources.

Harmony restored

Sadler's Weils Ro>ul Ballet re-
.‘.uiue* pcrfurmanccs after a
live -week musicians’ strike.
I’afly 6

Loco parentis

i.i'fltiuQ pigeon foster-parents

•in* helping save l!»e un-

house Group study. Page 4

• TUC will propose a wide-rang-
ing interventionist regional
strategy at Wednesday's NEDC
meeting. Page 6

• TRADE DEPARTMENT is
investigating Sutcr Electrical }
share price movements before
tin* company bought Prestcold

front BL. Page 14

• BAHRAIN INTERNA-
TIONAL Bank's issue of 28m

maternal rare pink Mauritanian ji shares was more than 400
unify from extinction. timftj oversubscribed. Pkge 16

scriptcon telerision, paid advert from the obligations to distri- vestment from private sources,
tising and two-way electronic bute normal broadcast services. Report details. Page 4

Mubarak Israeli visit unlikely
before Egypt regains Sinai

BY DAVID LENNON tN TEL AVIV AND ANTHONY McDERMOTT IN CAIRO

to , ,, v iiw iftnicc wc and less have come at a worse nme, omy oual oumc oi mem

Briefly ... -and chemicals group, saw pro- STbiS-S to5 two months before the final have vowed to fight Israeli

CummM roid did not cause more ^ i£fSc Isra^hafl^tecktte Israeli withdrawal from anal soldiere^ft the aimy tries to

?rr.l>!cais than usual this winter SKr 429.ftn to SKr 27&2m “5TJL of iinti on April 26- A tense and potentially remove Jem by force. Their

rreora low temperenaw. <£2Bm>. P«« 16 SS^of the President’s re- explosive sittiation developed In

Oil prices and the
Rud.^rt: Sir Geoffrey's

Technology:
WA&rs tali
world

mperetures. (pea). M. U SS^t^fdfnt’s ^ ^StoS

- luotance to visit Jerusalem. the Jewish settlements in Srnai ™ to urevent the situation

- CONTENTS Mr Yitzhak Shamir, the yesterday after ttelsraeh «my ^ ^

, IsiaeJi Foreign Minister, failed f ”" f »^ f r a „ SettlersTho put up a har-

«d the Management: AT & Ts anrins a visit here last week to tirade to stop the army from

Geoffrev's ft ’rf | gaWSSS S

Catch-1!2 * » GDP miaunder- 1 |»^r iel area to “«***“■

• 13 In Ihe Cti^V Ruri- ( see" as ^ to The «mr sealed off Ml ^X'rS^rs^^

wwopro- tania and Engidt law 9 link a vish todemsaiem. which "JJ* £5 SftL'SS:

..

^v'()0'ni«t«affiit UK
_ _

Jaa« Rates .

nu-wifiu Hzlaa
““•'Cian •« (Mey . .
Lcwif au v

[wmbih. ; ;

tMMinsrtfttj

Ditty “

r ^«MVhifl

filfc to Uie real Editorial comment: multi- J lhe Israeli parliament voted in r eMivefl ment were set up the anny

• • •• s ^*^”“i2WirsrJW s-ffiaS iittttas

■ — ring anv big political enss m ment » hop » ^ wtocrawm ^ Qf amm ^ police

• 5 » “S SSL— 4 2* £ -p*g

1 ^ « iSS-. ". ■. it ^ rrean d aoeords *“* ^ He a«ed with full Cabinet ^ SSrtaT to ente^Se

■ ’i S 51 , S '! - u ***** MubarasteisB «*atf “K L

TO WotM Tratfa • -

TS annual STATEM

irtU. CO. Now. ... 16-17 TV and Radio

tn 3J ti*

Labour . .. 6 Uwi T«rt .

Unbii 12 WaaRjor

13 virorfd Ecoo.

iSbnd « WorHStockl

Mjrutimmt .. » WwMTfwU

U«tt ft Martara « ANNUAL ST

Money * CxeNaoa. 20 M'chatr Ship I

Owtwtl Nw« • J paospeen

»Uc :no ... * RopitarWifca.

rin.» UliiAA

a I nn mfiual lo include Jurusa- Tbe Israeli colonies built in The settlers reacted to what

i OU v to ikdn Qi not in VYlS I Q?f!c. SH*P +Tr <vrr mllail tTiA ll eaiaA *• anith

14 ‘ Israeli cabinet announce* original settlers have already yellow stars of David,

3? } declared veslerdav. ' left but extremist Israelis have reminiscent of the badge Nazis
7 m This affair' will heighten been moving into abandoned forced the Jews in Europe to
pt j Israeli suspidons about the homes wear. /

q Uhiii iiiTornwiun 21*3 FW Wife*-
><:l ' Niaiw tt-U v+eiuwlogHf • 8 OiuunUiafUw.

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Changes in
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3E

es

BY ROBIN PAULEY

paid directors

regulation

by James McDonald

By John Moore.
City Correspondent

BRITAIN’S highestpaid direc-
tors received a median pay rise
of 14 per cent last year, about
the same as in 1980, says the
Charterhouse Group study of
directors’ remuneration.

But that figure “disguises a
very wide spread.”

The group looked at more
than 1,000 companies reporting
in the 12 months to September.
Over a quarter of them raised
the salary of their highest-paid
directors by 21 per cent or
more.

About 250 raised it by 5 per
cent or less.

A further 167 companies
reduced remuneration of ifiheir
highest-paid directors, and 27
showed no change.

“ Whilst some of the apparent
reductions may be due to a
change in 'the -top director
during the year, many of -the
reductions will be due -to a fall
in bonus payments resulting
from a fall in company profits,”
says the study.

About SO per cent of the 1,000
companies said that one or
more of their directors had a
service contract of over 12
months,

Unlike its previous study, the
Charterhouse report says the
number of companies with ex-
ecutive share plans remains
unchanged, at about 20 per cent.

“ But interest in employee
share plans grew, reflecting the
benefits of recent tax conces-

COMPANIES WITH A CHAIRMAN
OR OTHER DIRECTOR(S)
EARNING OVER £100,000 A YEAR

Highest

paid

Company Chairman director

BO C

Shell

Lonrho

Heron Corpn.

ACC

BP

121,000

151,020

Plessey

ICI

Racal Elec.
Pearson Longman
BAT

207,000

203,630

143^34

127,145

105,682

134353

103,488

£

477,100

225,163

224,938

139,937

Lex

Gil! & Duff as
Imp. Cont Gas
Geers Gross
Burton Group

116,336

175,157

109,830

108,000

117,476

117,221

105.000

103.000

103.000

701.000

NB — The chairman column is. left
blank if hb eamings are less than
£100,000 and so also is the highest
paid director column. Company
reports do not provide a separate
figure for the highest paid director
if the chairman is the highest paid
director.

cent of the companies
surveyed.”

Larger companies with an
annual turnover of £100m or
more favour employee share
schemes more than smaller
organisations, the report notes.

Pensions remain the most
costly benefit to directors

Directors’ Remuneration,
Monks Publications, Debden
Green, Saffron Walden, Essex;
£25.

sions.

“ The number of companies
with Save As You Earn option
plans increased from 4.7 per
cent to 8.5 per cent, and all
employee profit-sharing plans
rose from 5 per cent to 10.6 per

A ROW is set to break out
between Lloyd’s insurance
brokers and officials respon-
sible for running the Lloyd's

insurance market.

They face a clash over the
new regulatory requirements
for Lloyd's Insurance brokers,
which the market is seeking to
impose once Lloyd's new
legislation becomes law.

A consultative document,
prepared by Lloyd's officials,
has been circulated to the
Lloyd’s Insurance Brokers
Committee. It details the
plans for the future regular
tion of insurance brokers and
it has provoked a storm of
argument among the brokers.

Some brokers are openly
opposed to increased regula-
tion in the market and arc
considering separating their-
non-LIoyd’s broking interests
into new subsidiary com-
panies which will allow the
proposed rules to be circum-
vented.

Other brokers warn that
greater regulation will lead
to less business being placed
In the Lloyd’s market, and
an increase in costs and pre-
miums for whatever business
is placed. Already some of
the major brokers are reduc-
ing their business flows to the
Lloyd’s market.

Meanwhile, the new Lloyd's
legislation for Improving The
market’s self regulation faces
stiff opposition in its remain-
ing stages in Parliament. The
Lloyd's BUI is due to go
before the Lords, but two par-
liamentary petitions seeking
major changes in the legis-
lation are expected to be
lodged in the next few weeks.

DOMESTIC and non-domestic
rates should be abolished, cut-
ting 3 per cent off the retail
price index "at a stroke,"
according to Mr Christopher
Johnson, group economic
adviser to Lloyds Bank.

Mr Johnson, writing in -the
Lloyds Bank Economic Bulletin,
says the UK levies a much
higher proportion of total tax
revenues in the form of pro-
perty taxes than other coun-
tries. The Organisation for
Economic Co-operartion and
Development average is about
5 per cent compared with 12 per
cent in the UK and 10 per cent
in the U.S.

He proposes the total rate
income — ■ £5.5bn from domestic
rates in 1982-83 plus £lbu in
water charges plus £7 bn in non-
domestic rates — could be
replaced by assigning a portion
of national income tax to cover
local government expenditure.
This need not affect local
autonomy, Mr Johnson says.

Income from domestic rates
could be replaced by increasing
income tax by 3p in the pound
and abolishing mortgage
interest relief. Non-domestic
rates income could be replaced
by £3bn worth of cuts in busi-

ness subsidies and increases hi
corporation tax and £lbn of
extra fees and charges by
councils. The Government is
known to be opposed to all such
alternatives.

Rates biils are tower in
Labour-controlled areas of Eng-
land than Conservative, accord-
ing to the second stage of a
study of rate bills by Mr Jack
Straw. MP for Blackburn and an
opposition Treasury spokesman.

law urged

on eificiency

Overall, the average rate pay-
ments in the 54 shire counties,
metropolitan districts and Lon-
don boroughs are £4.70 a week
compared with £4.95 a week in
the 47 Conservative-controlled

Sjr Marie Meredith,

Scottish Correspondent

SIGNIFICANT CHANGES in
Scottish bankruptcy law have
been proposed by ihe Scottish

Law Commission. m

The report says that ihe ; idea
tha t the debtor is necessarily at
fault Is no 'longer the masn per-
spective of the law.

Misfortune is as likely as dis-
honesty to account for bank-
ruptcy, ft says. Under the pr<£
posails the “ honest bankrupt
would not necessarily undergo
the ordeal of a public examrn a-

BY PETER RIDDELL AND- ROBIN PAULEY

In the 27 Labour-controlled
metropolitan districts rate pay-
ments average £4.48 compared
■with £5.16 in the six Tory-
controlled districts. In the 14
Labour - controlled London
boroughs, average rate payments
are £8.42 a week, on the other
hand, against £6.90 in the Con-
servative boroughs.

In January Mr Straw pub-
lished figures showing the rate
bills in shire counties to be
lower in Labour-controlled areas
than Conservative.

lion. ,

Deficiencies it seeks to make

good are; Protection of the bank-
rupt’s state to the totervai
between sequestration and
trustee appointment; a trustee
to be appointed in every seque-
stration, and investigation and
administration of the bankrupt's
estate pursued to a proper con-
clusion; and every bankrupt to
due course to receive a dis-
charge.

Scottish Law Commission:
Report on Bankruptcy and
Related Aspects of Insolvency
and Liquidation. HMSO. Paper
176; £14.90.

MR . MICHAEL HESELTTNE,
Environment , Secretary. . has
given his cabinet colleagues a
teach-in on improving , depart-
mental efficiency.

He was invited ' to give . the
s eminar , by Mrs' Margaret
Thatcher after describing how
he runs -the'". Environment
-Department through Minis, his
nrnnagwngnt information

system. . -

This identifies and costs' man-
power and its functions at all
levels to aH divisions. It is
the most advanced attempt by
a government department to
"get a grip” on the staff and
functions.

departments without Minis.

The seminar was^part of the
efficiency strategy for 1882
announced last year by Lady
Young, the minister responsible
for the day-today ru nnin g o£
the Civil Service.

It was attended by the
minister, permanent secretaries
officials from the 11 depart-
ments covered by the scrutiny

Emphasis

The Minis team is now trying
to change Minis into a full man-
agement accounting system.

Mr -Heseltine has put con-
siderable emphasis on his work
as a department manager as
well as a policymaker. Some
of his colleagues seem to have
been less than enthusiastic
about the seminar, feeling they
do quite well rozmiiag their

programme. . ..

This is a development of the
efficiency exercises carried out
by Sir Derek Rayner, the Prime
Minister's adviser on waste ana
bureaucracy in Whitehall.

None of hfs colleagues has
copied the Minis system so far,
but Mr HeseJttoe’s style of to? 33 *
tenement is likely to" receive
. further support.

A subcommittee ; of the Com-
mens Treasury and Civil
Service Committee has con-
cluded its inquiry into civil
service efficiency and effective-
ness. Its report, to be published
soon- is expected to favour
Minis and recommend all mini-
sters to adopt it or something
equivalent

Looking for the next big boom in broadcasting

"THE MOST important thing
that this Government can do
this year is to settle the future
of cable television,” Mr Kenneth
Baker, Minister for Information
Technology at the Industry
Department, is reported to have
told a private businessmen’s
dinner recently.

The Government is under pressure to decide on cable

and satellite TV. Guy de Jonquieres reports

BL insurance option

BY KENNETH GOODING

BL CARS announces two
customer support schemes today
which will enable its dealers to
offer packages similar to some
already available through com-
peting networks.

The first is an optional insur-
ance called Supercover Plus
which car and van-buyers can
take to coveT their vehicles in
the second and third year’s
motoring.

Premiums start at about £70
for second-year cover on a Mini

or Metro for up to 30,000 miles,
and apart from replacement of
major mechanical components
also cover car hire, European
travel and AA membership
entitlement

The second scheme involves
a credit card backed by Lloyd's
Bank called Advance which can
be used at any participating BL
dealer in the UK. Interest on
unpaid sums is the same as on
major credit cards, equivalent to
30.61 per cent a year.

One petition to be lodged
by Alexander Howden Group,
a major Lloyd's broker which
was taken over by Alexander
and Alexander, the world's
second-largest broker — will
seek to prevent the compul-
sory sale of brokers' share-
holdings in Lloyd's under-
writing interests.

The other petition, lodged
by interests of Mr Malcolm
Pearson, chairman of a small
Lloyd’s broker, will seek to
remove a clause from the
Bfll which grants a new
Lloyd's council an immunity
from salts for damages by any
of its members.

Both petitions will be
heard by a Lords committee.

That may be hyperbole. But
a growing number of business
interests is applying pressure
on the Government to amend
its policies to permit the rapid
development of cable television
and its close relation, satellite
broadcasting.

The Prime Minister’s: panel
of . information technology
advisers believes that private
investors are so keen to get into
the business that they would
willingly provide the estimated
£2.5bn required to extend cable
systems to half of Britain’s
households.

Experience to the U.S., where
cable' tel elision was de-
regulated in the early 1970s,
supports that optimism. The
number of U.S. households con-
nected to cable services has
doubled to 18m since 1975, and

bidders have been falling over
themselves to pay as much as
$2,000 per subscriber to buy
existing cable networks.

In Britain, about 2.6m house-
holds are linked to cable, and
a further 2m houses could easily
be added to existing systems.
But Government policy prevents
cable operators from distribut-
ing anything other than pro-
grammes broadcast by licensed
organisations. Although a dozen
regional trials of subscription
television, offering a wider
range of programmes, were
authorised last year, the experi-
ment is considered too limited
to provide an incentive to invest
in new systems.

As a result, the UK cable
business has stagnated, and ris-
ing costs are squeezing
operators’ margins. The report
by the Prime Minister’s panel
of experts estimates that, on
current trends, the number of

UK cable subscribers will fall
by 20 per cent in the next five
years and systems will be forced
to close.

By allowing cable operators
to offer any services, the report
argues. <tihe Government would
open the floodgates to new
investment It could also pro-
vide a ready-made market for
direct satellite broadcasting,
which iris not been authorised
by the Government but is
expected to start in 1986.

Viewers can receive satellite
broadcasts by installing dish
aerials on their roofs But the
report , says such aerials will be
expensive to buy (ahout £900)
and difficult to align. It says it
would be cheaper and more
efficient to beam .the broadcasts
to large stations on earth and
distribute them by cable. .

If cable were . de-re gnlated,
much of the initial demand by
viewers would probably be for

entertainment programmes. But
the report forecasts that a much
wider range of material — in-
cluding educational pro-
grammes, local news, special
interest features and commer-
cial advertising — would soon be
required.

The report also foresees a big
market for two-way communica-
tions services oh cable,' which
would - enable subscribers to
interrogate central computers
through simple home terminals.
Such services could include
electronic shopping and banking
from home, and security sys-
tems to alert police to at-
tempted burglaries of un-
occupied houses.

In the U.S., cable systems can
provide as many, as 100 tele-
vision channels. But technology
recently developed in the UK
would make possible a vast
number -of channels through a
series of .'switching systems.

similar to telephone exchanges:

Switched cable systems would
enable subscribers to receive
programmes, and information
on demand from a central
electronic storage file. In the
longer - term, the technology
could also provide two-way
video and audio communica-
tions between subscribers in
different parts of the country.

The Home Office has defended
restrictions on caMe television
on the grounds that it was neces.
sary. to protect the BBC's
revenues and to preserve tht in-
tegrity of broadcasting. But
•the report argues that the BBC
could not .lose financially and
stands to gain from the sale
of programme material.

It also rejects the argument
— advanced both by the Home
Office and by the Annan Report
on broadcasting several years
ago — that greater competition
would lower quality of broad-
casting. Cable television
operators want a self-regulation
of - their operations^ but the
report leaves open the possi-
bility of a statutory supervisory
body. . . •;

Commons and Lords business this week

BUSINESSMAN’S DIARY

TODAY

Commons : Travel concessions
(London) Bill, remaining stages.
Northern Ireland motions.
Agricultural Training Board
Bill and Industrial Tr aini n g
BUI.

tion and Judgments Bill, Report
Mental Health (Amendment)
BiU.

Norman Fowler MP. Secretary
of State for Social Services
(Room 15, 11 am).

Lords: News Towns Bill,
Third Reading. Civil Jurisdic-

" Select Committees: Home
Affairs: Sab- Committ ee on Race
Relations and Immigration:
subject — National Health
Service treatment of overseas
visitors. Witnesses: Rt Hon

Energy: subject-combined
heat and power. Witnesses:
District Heating Association.
Basingstoke and Deanborough
Council; Mr L. Grainger (Room
8, 4.30 pm).

PUNJAB

NATIONAL

Public Accounts: subject-
fees paid to works consultants.
Witnesses; Sir Kenneth Stowe,
Department of Health and Social
Security; Mr Alfred. Property
Services Agency; Mr Rennie,
Scottish Home and Health
Department; Mr T. ?. Hughes.
Welsh Office (room 16, 4.45
pm).

BANK

Treasury and Civil Service:
subject— Supplementary Esti-
mates Class II, Vote 12.
Budget of the European Com-
munities. Witnesses; HJI.

Treasury and Foreign Office
officials (room 15, 4.45 pm).

TOMORROW

Commons: Supply debate on
the adverse effect on the con-
sumer of deliberate Govern-
ment policy to increase gas
prices by 23 per cent, followed
by a debate on the situation in
Central America. Vote on out-
standing Votes and Supplemen-
tary Estimates.

Lords: Northern Ireland
Orders. Civic Government (Scot-
land) Bill; Report.

Select Committees: Environ-
ment: subject — inquiry into
methods of financing local
government in the context of
Government Green Paper
(Command 8449). Witnesses:
R. Jackman. London School of
Economics; the Royal Institute
of Chartered Surveyors (room
16, 4^00 pm).

WEDNESDAY

Commons: Canada Bill, Com-
mittee. ^

Lords: Debate on situation of
less developed countries, 1 fol-
lowed by debate on planning
permission for development
unjustly given by Beverley
District Council on land bought
next to Beverley Minister.

Select Committees: Defence:
subject-— Ministry of Defence
organisation and procurement.
Witnesses: Electronic Engineer-
ing Association; Mr F. E. C.
Gregory and Dr J. Simpson,
Southampton Univer s ity (room
15, 10.30 am).

UK TRADE FAIRS AND EXHIBITIONS

Date

Current

Title

Mar 1-4

Mar 2-6 .

Mar 4-7 ......

Mar 7-9

Mar 9-13 ..

Mar 9-20
Mar 9-Apr 3
Mar 14-17 ..

THURSDAY

Mar 14-18
Mar 14-16
Mar 22-26
Mar 25-26

Commons: Coal Industry Bill,
remaining stages. Motions on
Mineworkers Pensions Scheme
and Redundant Mineworkers
Concessionary Coal Orders;

.. International Light Show . (0248-88396) (until

Mar 4) :

.. Hydraulics and Pneumatics Exhibition (01-839

5041) — — ............

International Production Engineering and Prodnc-
tivity Exhibition and Conference (01-747 3131)

- National Glazing Exhibition (01-686 2599)

.. Footwear and accessories show (01-739 2071) . .

- The Business Enterprise Show (01-636 3716) ~

.. Chelsea Antiques Fair (0727 56069)

.. Daily Mail Ideal Home Exhibition (01-222 9341) ...
.. International Glass and ctaa« . Technolosv
Exhibition — GLASSES • (0378 77966) ■

.. Autoquip Exhibition (01-235 7000)

.. The London Shoe Show (01-739 2071) .

London Fashion Exhibition (01-385 1200) :

.. Wine Fair (0734 481713)

Vejtfue

Olympia

NEC, Birmingham

Olympia

Canard International
Exhibition Centre, Harrogate
NEC, Birmingham ,

Old Town Hail
Earls Court - - - -

Mar 25-Apr 2

Mar 28-Apr 1

Hereby announces

THAT WITH EFFECT FROM
1st MARCH 1982
THEIR BASE RATE WILL BE

14 PER CENT PER ANNUM

TILL FURTHER REVIEW

WEEK’S FINANCIAL DIARY

Mar 29-Apr 1
Mar 29- Apr 1

.. Metalworking *82 Exhibition (0737 68611) : and'
. International' Metalcutting Machine Tonis
" ' Exhibition (0L402 6671)

.. British Exhibition of Fine Jewellery and SterMnv-

Silver (01-493 7628) .

.. International Diecasting Exhibition (0727 63213) ■
Audio Visual Exhibition (01-688 ; 77S8) ",

NEC, Birmingham
Olympia

Kensington Exbn Centre, WS
.Olympia

New HqrticuMutaff . Hall,

Westminster

- NEXVBmningham

Goldsmith's Hall, London
NEC,: Bkmmgham
Wembley Coni. Centre

The following is a record of - the principal business and'
financial engagements during the week. The board meetings are
mainly for the purpose of considering dividends and official
indications are sot always available whether dividends concerned
are interims or finals. The sub-divisions shown below are based
mainly on last year’s timetable.

5&^ ard ***•

ttnrunahsni . Pallet Grp. ■ MMMm

OVERSEAS TRADE FAIRS AND EXHIBITIONS

TODAY

COMPANY MEETINGS—

Barr IA. GJ. 1306. GaJlowgata, Glasgow,
1 7-00

C lav cr house lnv Tit. 6, Crosby Souarc.

EC. 2.15
iffwmirst

Dffwfu

fcvti

4-00

A Partner. Melbourne Works,

Road. H fl uw

CrDOt

ww.

Middlesex.

Ramoracs & Rapier Db Uidc

Raybedc IDUbcPf b.l25pe

Reed Decorative Products Db 2pc

River Plate & denera J Jjnr Tit Bcpf I.TSpc

Salisbury <J) Ln 4 k

Salford Sijpc Red 56-85 2*4??

Schneider (Si BxPf 2.1 PC
Schroder* - In • suk

Habit Precision Eqs, R
1 0,00

board meetings—'

. -

Place r SW.

BOARD MEET1N

Schroders - Ln • 3 Lee

Scottish Aar »t □ I tor a I Secs 3h&cDb 1*pc
1 Do ShpeDb 2>ipc

Scottish & Mora. »age Tit SpcPf 1.75pc

Crouch <Dora | O
General Mining. Union Core
Law Debenture • -

RansonHs Sims end Jefferies

gSt&F

iirener mrtacflpe

Mar 7-14
Mar 11-21
Mar 16-19
Mar 16-21

: i . .-_ v ■

Barclays Bank
Bltftdtn-Noaki

It&Otn-Moafces

Isons

lobe and Phoenix Gold Mining
aval Insurance

Single Grp 0.773 o
SplBera DOS TLoe

MaSuan-decinm • -

KSTSm ■

*2sesvs& i mBW

Stonehill Ifldps " i Di-pcPf 5.Z5pc
Tanganyika SjJpc 7B-BZ 2TinC
Tirnec Dte J* 3V*6-91> 3U8M4)
3^pcf92-97>

Temple Bar lev Tst Db 2 Udc
T endering Hundred Waterworks SLBpc
f Fmrv 4w) p; 1 ,4pc
Do 4.2 pc (Fvnlv 6od W 2-1 oc

M75pe

Texas- Eastern Com 05cts

J?E 3SMS* ^

2008 SU877

wtiftbixad DSa-a^PC^W
Wbte fflA) LB zSSc
Wltan lnv Db 4 pc

Base Rate Change

BANK OF

BAR0DA

Halite inds.

DIVIDEND A INTEREST PAYMENTS —
AAA Inds 1.0*5p
AE I4p

A MAX Inc 60cts
A crow SFpt Deb 3tcPC (Sen A>

American Brands 87>5cts
Asarco 20cts

Ashdown lnv Tst Deb 2t?pc

KMUI£ , a3#>.i»c

Brltbh Rayopiune S.ZSpcPf
BrontdHto lnv ft Z-45pc .

n lnv Tit

FRIDAY MARCUS
COMPANY. MEETINGS—
Lamsbire & London lnv Trait.

’Sasw&P

_ board MEETING* .

Ftols; _ - . _i .

Alliance Trait.

Current totesraational -Me. (01-734 0543) -(until Mar 3\ : v VtMfir* •

Mar 2-6 - Construction -Iniioaesia *82 <91-466. 1951) ■■ :*•.

Mar 6-9 — Winter Spor4a:EqtfipiBent.ExhffritiMi (0L439 3fi&n
Mar 7-10 toto^tiemaJ^aBhton Trade TSff??inKf *• -V . J

Mar 11-21 Hoosebold Appliance Trade Fair ^01-486 SftRfiV

Mar 1M9 Shipeare «|S: <U ™. 8686> -

Mar 16-21 - .Do-It-Yourself

““ ]^26 P&troteum Show (Oi-486 3964) Sfe" ■ V" /

Mar 21-25-—.-.-..:. East BuMnesx Equ^ment Show > "(oi.486 j l •

itar * I

ter 23^7

- ' • - - - .. iQl^SO Jml) . ■ -r

I

BetfaJo A- Moron 1st Piro Bds 2 *4 pc
Do 2nd Pern Bds 2><pc
Burton Grp ajp

Clarke. NickolL. A Coombs Ln 4tiP*
Combined ErtoUsh Stores Ln Mpc
C ontinental & Inds Tst Db S'ipc

Bank of Baroda announce that, for balances
in their hooks on and after 1st March* 1982
and until further notice their Base Rate for
lending is 13£% per annum. The deposit rate
on all monies subject to seven days* notice of
withdrawal is 11% per annum.

Qarp Of London SkPCDb- S3-95 tlipe
Crada litC Ln

Cullens Stores SccPf 1.7Soc

DenMl a Sons Breweries Db 2pr (put O
Dixorn Pbotocrapme i.379d
D amlnjon & Gcncrel Tst Db 24 k
but Surrey Water 2.Apc (FmW Ape* Prc-

Do D6Z 2U SH (89-91) 3^ (99-92)

Foster Bros Clothing 5*gpcPT T.&25PC
G.T. Jama lnv Tst Ip
Gremett Props Db 3 Upc
H ardys a Hansons fl«2o
Hugbn tool i7«

J.U. lot 27. Sets
InBwrsofi-Ribd QWtj

TOMORROW
COMPANY MEETINGS—
lToo Prar * nk ?lam Blrttlppbanb.

B 3tzL i ar dbfl ‘ How - j -™ yn

Hltftte 210. Ewtm Ram, «w,

“si. w

T, i2S.' r ™ Doreta ”- p " lt

Wrtorbottom Energy Tit The Great

ttc»

Courtney Pope _ ^

WcttnilMter and Cwratry Props

DIVIDEND A INTEREST PAYMENTS —
Allied Com 2p
AfliQ fc Paa»r jjriK 1^0

Bafcvn Household Store* (Ml) Ip
B rl(h&Amtffan Tetecco Ln 3w

Mar 3

BAtn Household Stom
Br Ids S^Avner fan TohtO
EUborg Gold Mining T

qlnStt szjcte

Kler Hides Re p a yme nt, <d_ 7UPC
20M-O9 at C7*^ per £100 No cn

Mar 4
Mar 4$

Mar &9

FT Conference: Tha Foortli World Motor Con. ‘ ' 1 ; i ' --
ference .<01-621 1355) ... ™ un ^ _ ■ : . J -

DIBC (UK): The credit anai^' « - •’ ^ \

banks (01-788 3126) 031101121 . - , -

LOCH: Conference on West Germany (0L24S 44441
International. GonHnercfad Arbitration Symp^m CaunoD Street,,BC4

'(OS 231200), ..:.. ^Poshim * . ;

-AlffR/EnrftTTWWMter* • Aamnvuw.' T~* StQCHxflnl - •-

EC3

AlUt/Euronicney: Aerospace toternati oni‘ ‘ 5l0cMl ® ia i V ■

■ • FtoSctag .Energy : Tedmiqa,^ ( 0 f§g £ < .? \ f

5 ro & n Dwlel

Unilever NV

asUrt & London hrr Trt 2
WflwjWUt RoUlfls MlUil

Rwdibnt al n Est* Gold hfflnlDfl WIMikn-

Mar 1M2 7 .

rand pfd 40 pets,
tamers Gewelfcu)

Mar 11-13

Attrrood Garages
Diplofns

Rtsnord Ine 27ds

0^7p

Sfioma^r Ejgt able co^eratlim
.Sumzzut Cwifttence and • ftHb £ mm <£rmnr " :

lnperso(l-R4bd ap«ti

ireUntj 93jpC «J1 -96 4jtpc
KWimort Bcvtsdn lev Trt,

.ynoch rGL

n lnv Tst Ob 2 21) 2*4 PC
G-) B'-pcPf 2.27SPL

■^fetraaaF amsTts

^04 (Jw«i S3 00.00
OaverbouM lnv Tst 4Jlp
DeflppTy lnt 22cts
M A G Dual T« ?k 12.1P

WEDNESDAY MARCH X
COMPANY MEETINGS —

■Bak ers ■ House bold Stones (Leeds}* The

Marter. Rlratrrad. Scttetniks. Kent. 12*00
J .y tee Tbe Europe Hew, Dtile*
Sfreet i Grosiei m Souara* W. llJO
BOARD MEETINGS—

Finals!

Fled0er?TO invests

SSEitt ai££E z nre “* Aa< *

Ultramar^” 0 ’ •

Interims;

JenSoM . • “

/uSpbbs.* jsip® 7 »™»ns-

&s^s f l“«as • .. . .

WW Malt & General Tst iSp- .

Drift - A Steel

BS“3

ter! 15-18 ........

London A St Liwrmce 5pcPf l.7Sj>e
London Countv 2 Jzpe Cons 1920 lAt

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Vli&aacial Times Monday Marck 1 1982

THE SiViv?oflTY PE vPRDAiNM

! IKR.*,V-'

WORLD TRADE NEWS

ACC. WC.

CLAf S ' ..

fEMS-HGVj

r— -■ * 47,

r**J*v

I'mS- ■'_ -

exporters

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equipment

weaker markets

*T HKHARD C HANSON IN TOKYO

•1

JAPAN'S video tape recorder
: v -toggstiy, which dominates The
,V wwrfd snarfcet, is passing
' through, by its standards. I
period of belt tightening.

• Production growth is expected
this year for the first time to fall
oeww. the yearly doubling of

• ■output seen in recent years. The
. ‘ WRmwiufacturers are adopting

cautious strategies while the
, aarket sorts itself out'
y The main cause of worry in
the industry is that lower' than
espacted demand in the latter
part of 1981 combined with
■ rather over optimistic , produc-
Hon evels. This resulted in un-
usually high- post-Christmas in-
ventories.

In the stocks are

- believed to be nuring equal to
four months of sales. Europe,

- ^ch is the biggest market and
Japan, are estimated to have
inventories amounting to 2J>3
nxmt hs and, -'more than two
months” of .sales respectively.

The biggest producers — Mat-
sushita Electrical Industrial,
JVC and Sony — appear to
be doing relatively' better Ihan
the half dozen or so s mall er pro-
duces. Companies * which
depend heavily ■ on non-brand
sales, in the US. are probably
most heavily burdened by in-
vontories.

Last year, production in
Japan rose by 114 per cent to

.9.5m units, a rate of growth to
which the industry has been
accustomed since the mid-1970s.
The latest estimate for 1982, is
that production will rise by
about 28 per cent to slightly
more than 12m sets, according
to the normally conservative
industry association.

.' Officials at Sony. Matsushita
and JVC tend to view the
growth in inventories as a
temporary development and
expect a gradual improvement
as spring - approaches and new
models become available.

Sony thinks demand for its
new “ mass market " models in
the U.S. this year will increase
steadily but it has lowered the
price on these models from over

91.000 to $895.

The group added last year up
to 50,000 units In its monthly
capacity, bringing its total to

250.000 units per month, a level
it expects- to maintain for the
coming months.

Matsushita also expects pro-
duction, running at 200,000-
250.000. per month to remain 'flat
at least until the second TiaTf
of the year.

JVC, which claims that
demand from Europe; is s till
boosting its sales, plans to lift
monthly production * from

200.000 units per month, com-
pared with 100,000. a- year ago,
to 250,000 units by next au tumn

SHIPPING REPORT

Dry cargo
markets

‘nightmare’

By Andrew Fisher

Prospects for shipowners in
dry cargo markets in the next
few years are “ nothing short
of a nightmare” as a large
volume of new tonnage comes
onto the market, according to
a London firm of shipbrokers.

D^vid Rousego in Paris examines the reasons for arms exports success

sales give France edge over Britain

Is some trades, say Simp-
son Spence and Young in a
review of the sector, freight
rates do not even pay voyage
costs for bunkers awn port
charges, let atone contribute
towards operating costs.

The review cites a current
freight rate for shipping
500,000 tons of coal from
Hampton Roads on the U.S.
East Coast to Holland of
about $6 a ton against $14.75
in January 198L

M MARC CAUCtui, does not
relish his new label as France's
chief arms As he

points out, be was until recently
proud to be in charge of co-
operation oyer arms production
with Britain, West Germany
and other Nasjo allies. He >nw?
taken over as Director of Inter -
national Affairs and, hence, as
head of military sales dn the
Ministry of Defence's equip-
ment procurement organisation
at a difficult moment

France’s export of aim s hag
leapt over the test decade to
deliveries in 1980 of FFr 2Stm
(£2.5bn) — 5 per cent of total
French exports — and orders
of FFr 35 bn. Orders were stfll
“ good ” test year, he.
but down on 1980.

tint French arms exports riest
on too limited a range of pro-
ducts — tiie Mirage range of air-
craft, the Crotate missile and
the AMX-30 tank, above alL
France always has had a res-
tricted range of products, he
insists, and has exploited the
good ones. “We are not going
to multiply the range of pro-
ducts for which, we don't see
any purpose simply because we

have the possibility of export-
ing them."

French arms sales strength comes from such aircraft as the Mirage 2000

A big move towards laying
up ships rather than trading
them on the market is now
starting. But while this will
reduce the supply of tonnage,
a large amount of new ships
are coming on the market.

In 1982, says the shipbrok-
ing firm, 158 bulk carriers of
40,000-90,000 deadweight tons,
totalling 9.2m dwt, are due to
be delivered. In the size
range above 100,000 dwt 42
vessels totalling 6m dwt are
due.

But . ithe pace of growth of
arms exports by industrialised
countries is stowing down. In
the 1960s there, was a spurt
of new countries achieving in-
dependence, but they have now
made their major arms pur-
chases. “Unis the market is
certainty- saturated,” he says.
In the longer term newly feidia-
tnaHsiog countries waR increa-
singly manufacture' gpd export
arms (themselves.

Etelop in China protocol

BY COLH4A MaeDOUGALL

DUNLOP has signed a protocol
with China's. Guangzhou Rribber
Bureau giving it exclusive long-
term co-operation with tire
rubber industry in the south
China city of . Guangzhou

This will give the market
an extra cargo-carrying capa-
city of some 105m .tons in
the bulk carrier sizes of over
40,000 .dwt, assuming seven
voyages a year. But the rise
in trade-in the chief dry bulk
cargoes was only about 12m
tons last year, says Simpson
Spence.

France’s defence sales organi-
sation is admired and envied by
many British officials. Bat M
Cauchie does not agree that
France's success in overtaking
Britain as an arms exporter has
been due to salesmanship. He
puts if down to France’s aero-
nautical industry and the
development of a . successful
fighter plane, the Mirage.

“ If you take out British and
French air sales from overall
export sales,” he says, " you
will arrive at about- the same

figure. (Aerospace equipment
accounted for 75 per cent of
arms export orders in 1979,
though probably a tower pro-
portion in 1980.) Thus our sales
organisations are equal The
difference is that the British
did not have a successful fighter
pttane in the 1960s. Dassault
(■the manufacturer of the
Murage) had a success and that
has made the difference over
20 years. But otherwise ... I
often wish we had the British
sales organisation.”

A serious setback for France
last year was the U.S. decision
to cancel orders for the Franco-
German Roland ground-to-air
missile. M Cauchie was not sur-
prised. “I have never believed
in the two-way street, ” he says,
referring to the joint U.S.-Euro-
pean understanding under
which transfers of technology
and equipment should flow in
both directions. M Cauchie says
the risk for the U.S. of depend-
ing on Europe for major items'
of equipment is too great be-
cause, in time of war, Europe
could be occupied. The U.S.

should have seen from the start
that the “ two-way street ” was
not possible.

The only example of a suc-
cessful exchange, he maintains,
was the British Harrier jump
jeb But this was a case of
specialist equipment for a
specialist force — the U.S.
Marines.

schedule. The French armed
forces for reasons of economy
have cancelled 15 of the 40
initially ordered for delivery
over the next two years and
problems over the radar equip-
ment still remain.

In the case of the Roland, M
Chucbie says the U.S. “has
practically taken our techno-
logy for free. ” Licence pay-
ments were to have been col-
lected from the massive orders
envisaged, but in the end there
were no orders.

M Cauchie, 57, an armaments
engineer, took up his post
eight months ago after the
change in government. Initial
inhibitions by the Socialists
over arms exports have ' effec-
tively. disappeared under the
exigencies of increasing export
earnings-

The French are now putting
a major sales effort into secur-
ing new orders for the Mirage
2000 advanced fighter. Produc-
tion has, however, fallen behind

M Cauchie holds out hopes of
sales to India and Greece in
addition to Egypt winch is buy-
ing 20 aircraft He denies the
suggestion, widely made, that
production. was originally
planned on tbe basis that for
every aircraft sold to the
French Air Force, two more
would be exported.

Indeed, he does not accept
the view that much French
defence production is based only
on manufacturing whrt is mar-
ketable abroad. The British
Chiefs of Staff, he suggests, are
increasingly under pressure to
order equipmem that is export-
able. French practice, he
insists, ds for the Chiefs of Staff
to state their operational
requirements. These do not
necessarily tally with what is
most suitable for export.

Further, he rejects criticism

Responding - to an oft-made
allegation that French arms
manufacturers hold down the
price of a basic model but
inflates the price of spare parts
or additional equipment, he says
that sales are made by indus-
trialists, not tbe French Govern-
ment. “ I don’t know of any
industrialism in the world who
are philanthropists — neither the
Americans, the British or the
French.’

ft

In spite of his change of job,
M Cauchie stall remains a strong
advocate of increased European
co-operation over arms manu-
facture. His personal view is
that frhft Lm tigi response of
Britain, France and West
Germany to the problems posed
by the growing costs of military
technology and of tbe difficul-
ties of their economies wfll be
to retreat into their own
corners, shunning co-operation.

a

(Canton).

: This is the first stage in what

. ■

the Company hopes will be .
mutually beneficial relationship.
The preliminary protocol is ex-
pected to be followed soon by
agreement on a specific project
Co-operation is expected to
involve the provision of techni-
cal know-how

But in a few years, he argues,
they will see that they cannot
go it alone. In the 1970s Euro-
pean nations combined volun-
tarily over arms production.
Next time, however, it will bo
imposed on them by a “com-
bination of economic difficulties
and the growing costs of
weapons systems.”

I

l

Russia, Italy
tractor deal

By James Buxton in Rome

BY ANN CHARTERS IN SEOUL

■

" fl

technology for N-programme

WUorld Economic Indicators

EXCHANGE

(UBAn)

W. Germany
J*P*n

SU. /

Netherlands

Nov. *81
10,732
13,114
19,518
40,443
25.035
17,020
4,110
7,9*7

Dee. *80
10,134
18,748

43,881

21,567

21,652

THE Soviet Union has
acquired a 10-year licence to
produce Italian self-propelled
cultivators and small tractors.
The machines involved are
made by Goldoni, based near
■Modena in northern Italy and
are of the land used exten-
sively in Italian- peasant farm-
ing.

Under the licence agree-
ment, the value of which has
not been disclosed, the Soviet
Union will be allowed to make
35,000 eight horsepower cul-
tivators and 15,000 18 hp
tractors a year.

SOUTH KOREA has' un-
equivocal ly adopted French
technology for the next phase
of its nuclear development pro-
gramme.

This became 1 dear following
the recent decision' to award
Alsthom-Atlautiq u e the $48 6m
contract for turbine generators
and auxiliary components to be
used in its ninth and tenth
nuclear power plants.

Thirteen nuclear power plants
are planned in the South Korean
programme, and bids may soon
be sought for a further two
plants.

Tbe Alstfrom-Atlaiitique con-

tract complements {he award in
November, 1 1980, of a nuclear
steam supply system contract
for tbe plants to Frataatome.
the leading French 'nuclear
plant company, and a sub-
sidiary of Creusot-Loire. -
Alsthom-Atiantique is the

When Framatome won its con-
tract, nuclear industry -execu-
tives thought tbe contract for
the conventional equipment had

also gone to France. But . Korea
Electric Power Corporation
(Kepco) evidently changed its
mind end sought international
bids.

house and General Electric of
the U.S„ and GEC of the UK

the state-owned group.

But the shift to French tech-
nology for these particular
plants, following previous and
heavy reliance on U.g. tech-
nology, has raised questions
about the South Korean
decision.

Seven companies from six
countries were invited to sub-
mit bids for the conventional
plant, either as a complete
package or in parts.’ Six re-
sponded: Alsthom-Atlantique,

Brown Boveri ' of Switzerland,
Mitsubishi of Japan, Westing-

Last November, when the
bids were evaluated, Alsthom-
AtJ antique's initial price was
the best,- indicated Mr Choi
Chang-Tong, general manager
of Kepco’ s nuclear planning
department But it was clearly
not low enough to satisfy
Kepco:

“ Certainly further deduc-
tions were made, particularly
in reducing the exchange risk,
either as a result of French
generosity or Korean negotiat-
ing skills, ” Mr Choi added.

Only a minor portion of the
Alsthom-Atlantique contract is
subject to price escalation. The
price for equipment and
materials is quoted in Swiss
francs and is not subject to
escalation.

Finance for the contract is
through a French export credit
provided by a consortium led by
Societe Generale, Paribas and
Banque Fran raise du Commerce
Exterieur. The interest rate is
7.85 per cent and repayment is
over 15 years, starting after
seven or eight years depending
on the date when the contract is
completed.

We’U never know how many
ideas have been lost, or chances
missed, because they were simply
never noticed.

But at Sperry, we’re
determined not to overlook asingle
one.

Staying inventive and ahead
in a technological world requires a
uniquely human skilL
The ability to listen.

Which is why we’ve set up
listening training programmes,
world-wide, for Sperry employees
to attend.

In computer science, defence
and aerospace, where new systems
can take

to develop, we’ve
found die best way to meet
tomorrow's needs.

Listen well enough to
anticipate opportunity, lomgbefore
it has a chance to knock.

We understand how important

it is to listen*

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TUC to demand strategy
for growth in re

BY JOHN LLOYD -AND JOHN ELLIOTT

A WIDE-RANGING regional
strategy of intervention will be
proposed by the TUC at Wednes-
day's meeting of the National
Economic Development Council.

The proposals will form the
basis for a debate on regional
policy as the Government pre-
pares to embark on a review of
the cuts in regional aid intro-
duced in the past two years.

The Government will also
come under pressure at the
council meeting to reduce the
level of industrial hulk tariffs
for electricity.

Leaders of both sides of in-
dustiy are likely to use the
meeting to urge Sir Geoffrey
Howe. Chancellor of the Ex-
chequer, to help industry in bis
Budget next week.

The TUC paper, based on the
work of the TUC's regional

policy working group, is
already being discussfed by the
TUC-Labour Party liaison
committee.

It recommends the establish-
ment of regional industrial
planning bodies to u plan, and
help execute, regional industrial
and economic development."

The planning bodies would
give a “ regional focus ” to
national planning, encourage
local initiatives, and assist
"broader social and economic
objectives — such as industrial
democracy."

Another section calls for the
“ mobilisation of pension funds
at the local leveL” This would
be linked to the National In-
vestment Bank which the TUC
called for in its recently pub-
lished Economic Review for
1982.

The “ executive arms " of the
proposed planning bodies would
be local enterprise boards —
of the kind already set up in
Loudon -and the West Midlands
— and in Scotland and Wales,
the respective Development
Agencies.

The planning bodies would be
tripartite, with representatives
of the regional offices of central
government and local govern-
ment, trade unions and
employers.

The TUC paper also recom-
mends that the public sector
plans expenditure, and invest-
ment to take account of their
impact on-' regional develop-
ment. Urban and rural policy
should be fully integrated with
regional policy, through the
regional planning bodies, it
says.

■

Grocery prices up in February

BY OUR CONSUMER AFFAIRS CORRESPONDENT

The Financial Times Grocery
Prices Index continued its up-
ward spiral in February with
an across -the board increase in
food prices.

The February index, based un
data collected from stores
throughout the UK, rose to
145.S3 from a January index
figure of 144.81. This is the
seventh month in succession
that the index has risen. How-
ever, the February increase was

far less steep than the January
rise caused by the bad weather.

In fact, the better weather
since early January has led to
plentiful supplies of fresh pro-
duce. The Fresh Fruit and Vege-
table Information Bureau says
that most root vegetables are at
reasonable prices and of good
quality, with carrots,* parsnips,
leeks, onions, swedes and
turnips the bargains at present.

All types of cabbage are slill

FINANCIAL TIMES SHOPPING BASKET
FEBRUARY 1982

February

£

January

. .£

Dairy produce

Sugar, coffee, tea and soft drinks

Bread, flour and cereals

Preserves and dry groceries

Sauces and pickles

Canned foods

Frozen foods

Meat, bacon, etc. (fresh)

Fruit and vegetables
Non-foods

730.32

213.17
32056

117.17
56.48

19933

252.96

644.69

31556

25035

724.64
211.90
31832

114.64
5532

199.16

25355

64132

311.06

249.03

TOTAL

3,10059

357835

1981: January 130.96; February 131.75; March 132.75: April 134.93:
Mar 13630; June 137.37; July 13652; August 13550; September
136.60; October 137.49; November 14051; December 141.24.
1982: January 14431; February 14533.

cheap, the Bureau says, while
cauliflowers “are a little dearer
but still reasonable for this time
of year.”

However, the Co-operative
Wholesale Society's guide to
fresh food supplies suggests !
that home grown apple and
pear supplies are a Httle short,
with price rises on the way. But
it says that, in general,* salad
items are steady in price:

The increase in the FT shop-
ping basket this month was
mainly due to small price rises
in most sections of the basket
rather than any large increase j
in any one area. Last month it
was the sharp rise in fresh foods
that led to the index rising sub- i
stantially.

The largest absolute increase
came in the dairy, sector —
rising in cost from £724.64 to
£730.32* — which was a result
of last month’s poor weather
still having an effect on prices
in the shops.

The FT Grocery' Prices Index
is based on data collected each
month by 25 shoppers who
monitor, a list of more than 100
grocery items in the same shops
each month. - - _

De Lorean
in talks on
sales to car

rental group

By John Griffiths

MR JOHN DE LORE AN will
start detailed negotiations
with Budget Rent-a-Car in the
U.S. today on the purchase of
2,000 De Lorean sports ears
by the ear rental company.

Sir Kenneth Cork, receiver

of the De Lorean manufactur-
ing subsidiary In Belfast, gave
his approval for the negotia-
tions, after talks with Budget
Rent-a-Car executives over the
weekend.

Budget Rent-a-Car first
approached Sir Kenneth
direct, and had its initial
offer for the cars, worth 850m
(£27.3m) at list price,
rejected. Sir Kenneth said
the offer was not enough.

Sir Kenneth has laid the
groundwork for the U.S. talks
indieating both that an agree-
ment on price may be near
and that he is anxious not to
be seen to be divorcing De
Lorean Motor Company, Mr
De Lorean’s U.S- sales com-
pany. from the proceedings.

However, the receivers are
understood to hold title to
many of the cars likely to be
sold.

Of the estimated 3,750 cars
in the pipeline between Bel-
fast and the 350 U.S. dealers
some have officially been
delivered to BMC, but it has
not been able to pay for them
because of failing sales. The
deal taking shape js that DMC
will sell the cars to Budget
Rent-a-Car and will then be
in a* position to reimburse
Belfast Although delivery of
only. 1,000 cars -would, be
taken immediately. Budget
Rent-a-Car would absorb
another 1,000 over the next
year.

Any price agreed, however,
is expected to be below that
at which pars are supplied to
dealers. * A complicated part
of * the talks starting today
between Mr' De Lorean and
Mr Morris Behbexg. Budget
Rent-a-Car’s U.S. president,
will hinge on devising a
scheme in which the dealer
price structure will not be
undermined.

Early completion of. the
deal would be important for
the Belfast company.

Tense talks in Times power

THREE WEEKS after Mr
Rupert Murdoch, Times News-
papers’ proprietor, announced
his closure threat, the future of
the two papers bangs on nego-
tiations set to resume today with
leaders of the 670-strong clerical
staff. And both sides are under
pressure to. reach a conclusion.

Talks with several other vital
chapels (office branches) look
near agreement. Those depart-
ments stiH to begin discussions
seem unlikely to fling up major
obstacles.

The key to the company

achieving— or even approaching
— its goal of 600 staff cuts and
the ending of 900 casual shifts
lies firmly now in the pocket
erf the National Society of
Operative Printers, . Graphical
ami Media Personnel, and its
clerical chapel negotiators.

Eight days ago, the manage-
ment reduced its original rail
for 390 clerical redundancies to
330, with a combination of
voluntary job cuts, cancelled
vacancies and natural wastage.
This was ruled out by the
chapels.

Mr Murdoch responded with
the declaration of 210 compul-
sory redundancies — a move
•that was condemned immedi-
ately by all of the prim unions.

Though talks continued else-
where, the clerical chapels and
the Times’ Natsopa machine

Strike at Tees

■ • ■ ■

dock settled
after 15 weeks

- By Nick Garnett. Northern
Correspondent

LOADING OF Thames Barrier
floodgates trapped by the 15-
week Tees dockers’ strike over
pay should begin almost
immediately following settle-
ment of the dispute at the
weekend.

A mass meeting voted 400 to
50 to accept a revised offer. It
included an unchanged 6 per
cent basic rise, but produc-
tivity strings were removed.

Robin Reeves writes : Today's
planned introduction of a
DuW in-Holyhead ferry service
by the I ris h-G overrun ent-own ed
B and I Line has been post-
poned for a week because of a
threatened strike by Sealink
employees.

Ivo Dawnay reports on

the growing pressure behind

■ ■

a crucial round of talks

assistants, refused to conti nue
negotiations until the dismissal

notices were withdrawn.

But in a brief exchange on
Friday, the clerical officiate
offered further -talks if the man-
agement agreed to suspend the
notices for four days and to
promise thsJ no lost jobs "would
be replaced by non-union

agency staff. ■

The talks with clerical leaders

open this morning and hopes of
progress rest on whether some
compromise over the compul-
sory dismissals can be reached.

The company’s renewed
appeal for voluntary redun-
dancies— sent with undertakings
of anonymity in letters to
clerical workers on Thursday —
has done little to improve the
atmosphere, however.

Pressure is growing in both
sides. Mr Barry Fitzpatrick,
chief negotiator for the clerical
workers, is acutely aware that a
meeting of the 22 strong Natsopa
executive on Wednesday could
vote to band over the talks to a
national officer or even -Mr Owen

O'Brleit. the general secretary.

The executive is also widely
expected, to rale that Mr. Mur-
doch's job cute are, in effect,
mandatoty; *

This wall allow those accept-
ing redundancy to keep their
union cards and seek employ-
ment elsewhere in .Fleet Street
— encouraging more to-go. •. • .

Mr Fitzpatrick* who - chal-
lenged Mr.*- O’Brien- far- the
leadership of the union 1 in 1978,
is determined to preserve _ his
independence and as many jobs
as he can.--

But other print unions,
already near to agreement with
the- company, are likely to put
pressure, on Natsopa for an
early settlement. .

The company is under strain
also. After stepping back from
the brink -of closure on Monday*
and restoring the . improved
severance terms barter last week,
it cannot afford to be seen to
compromise too generously.

Yet with, industrial action
almost inevitable if agreement is
not: reached -by March 9, when

Ford and MSC launch
youth training scheme

BY BRIAN GROOM, LABOUR STAff

THE MANPOWER Services
Commission and Ford Motor
Company today launch a scheme
for Youth Opportunities Pro-
gramme trainees. ■ which will be
a pointer towards better team-
ing, the MSC hopes.

Ford has. opened workshops at
Dagenham, liverpool and Swan-
sea to provide 160 places for 16
to IS-yeawrfds. who will receive
12 months teaming end experi-
ence in a Tange of skills.' .This
is to addition -to teenagers wirth
work experience places else-
where to- Ford, who numbered
500 last -year. - -■

The MSC says the* training
which die workshops will pro-
vide is an line with -its aim to
offer 100.000 “good-quality ”
places for YOP entrants to 1982r

1983. ’; There wtii be . 630,000
entrants. .

• Ford's car body and assembly
plants at Halewood, Merseyside,
are likely to -remain ai a virtual
standstill today, with -4,000-
hourly-paid workers laid off for
a second day because of a strike
by 37 paint-shop workers.

Shop stewards will meet this
mo rning *buf JU> talks With
management were planned yes-
terday. Ford said workers
could not be recalled before to-
morrow.

The. strike is over th e dis-
missal for the second time of a
worker with a long disciplinary
record. He was found to be
missing from bis place of work.
Colleagues say he was absent
only for a few minutes.

the first redundancies take
effect, a ’temporary suspension
of the cots (without putting
"back* the' notice date) could
prove tempting; ■

Much could hang on the
number of applications for re-
dundancy received since the re*
newed offer went out If the
company feels it could near its
330 target without chapel agree-
ment, then it may decide to call
the chapete" biuff and abandon
the talte. . . .■

When it comes to numbers,
the two sides may not be that
far apart With 85 applications t
already for reverence, added tq
as many as 60 unfilled
vacancies, the company is ISo
jobs away from its 330.

- Both, the chapels and the
company privately believe that
further concessions on figures
could be made. If the company
also allows an increase in the
number of jobs to be shed by
natural wastage, the divide
could be narrowed still further. .

But before the numbers game
begins in earnest, both sides »
■will have to find a face-saving !
compromise over the threatened
dismissals. l

If they fail to agree, the
delicate card-house of deals .
constructed in talks with Times
Newspapers’ 54 negotiating .
bodies will come tumbling
down. '

Harmony is
restored at
Sadler’s Wells

THE Sadler’s Wells Royal
Ballet wHl perform for the
first time this year tomorrow
night, after the settlement of
the five-week strike by the
company’s orchestra.

The orchestra agreed on
Friday night to aceept an
offer of 35 guaranteed weeks’
work, plus a special one-off
payment for the ballet com-
pany’s foreign visit last
niriomaa. The orchestra had
been seeking 40-weeks’ mini-
mum work, or a retainer, to
compensate for Joss of earn-
ings when, the ballet company
toured abroad.

The ballet company appears
at the Sadler’s Wells theatre
for the rest of this week and
opens in Liverpool next week.

AND TENDERS

ECONOMIC COMMUNITY OF WEST AFRICAN STATES

ECOWAS TELECOMMUNICATIONS

PROGRAMM

TO

The Executive Secretariat of the Economic
Community of West African States invites to
international Tender under its integrated
telecommunication programme:

1 — Subject:

This invitation to tender is for the supply,
installation and commission of equipment for
fourteen microwave links, five local automatic
exchanges and four international telephone
transit exchanges.

2 — Description of works:

Tender documents consist of six volumes:

Vol. I General conditions of tender and
contract

VoL n Technical specifications ' for trans-
mission systems

VoL HI Technical specifications for telephone
exchanges facilities

VoL IV Technical specifications for outside
plant facilities

m

Vol. V Technical specifications for buildings
and access road facilities

VoL VI Technical specifications for power,
supply system

3 ~~;ftiz 2 ding sources:

- ■

Facilities to be provided under this invita-
tion to tender are to be financed by ECOWAS
Fund for Cooperation, Compensation and
Development, European Development Fund
(EDFJ, European Investment Bank, Italian
Government and by purchaser credits.

4— Participation:

a) Contracting firms from the European
Economic Community and from ACP shall
tender for the following:

Lot No. 3: Transmission facilities for Ouaga-
dougou — Bolgatanga route

Lot No. 4: Transmission facilities for Fada

N’Gourma-Pnrera route

Lot No. 6: Tr ansmis sion facilities for Bissau-

Ziguinchor and Bissau-Koundara
routes

Lot No. 7: Transmission facilities for Koun-

dara-Mali route

Lot No. 9: Transmission facilities for Kor-

hogo-Sikasso route

Lot No. 20: International transit centre (CIT)

for Praia

Lot No. 21: International transit centre (CTI)

for Bissau

Lot No. 22: International and national transit

centres and local exchange for
Banjul

b) The invitation to Tender is open to all

contracting firms for the other Lots nos.

5 — Acquisition of the Documents:

Documents may be obtainable on payment
of U.S.3200.00 per set of documents, from the
following address:

* ECOWAS Executive Secretariat
6, King George V Road
■ Lagos

Federal Republic of Nigeria.

The payment must be made by bank order in
favour of Executive Secretariat of ECOWAS.

6 — Closing of Tender and opening of the Bids: ~

Tenders should be sent to ECOWAS
Executive Secretariat, 6, King George V Road,
Lagos, Nigeria, to arrive at the latest by 30th

April 1982 at 1100 hours GMT.

■ " ■ .

The Tenders will be opened in public on
1st May 1982 in Cotonou, People’s Republic of
Benin.

7 — Extra information:

" ■

For any extra information, please contact
the Executive Secretariat in Lagos, 6, King
Geoyge V Road, Lagos, Nigeria, PMB 12745.
Telenhnne: fi3fiR41 Telex: 22633 NG ECOWAS.

REPUBLIC GF TUNISIA

DE L’ELECTRICITE ET DU GAZ

I ■ .

INTERNATIONAL CALL
FOR TENDERS

Societe Tunisienne de rElectricite et du Gaz
(STEG), under the 1982-1986 high voltage line
programme, forming part of its transmission
network development project, intends to issue
an international call for tenders for the con-
struction of approximately 600 km of high
voltage lines (225kv-150kv and 90kv).

This call for tenders is to cover ..the following:
LOTI: Supply of steei and bolting -
LOT 2: Supply of conductor and guard cables
LOT 3: Supply of insulators
LOT 4: Supply of line fittings/accfessories
LOT 5: Pylon fabrication and line erection

Contractors interested in one or more of the
above lots may obtain the enquiry documents,
as of 1st March. 1982, from the STEG Head
Office, Department Equipment Reseau de Trans-
port, Batiment F, 38 Rue Kamel Ataturk, Tunis,
on payment of two (2) hundred dinars or
equivalent In foreign currency.

• , • ■ 1 •

Enquiry documents will not be available after
12th March 1982.

REVISED NOTICE

PEOPLE’S DEMOCRATIC REPUBLIC OF YEMEN

Greater Aden Water Supply Project — First Stage
Bid 10-— Prequalification of Tenderers
Wjth reference to -the previous advertisement
published on Monday 22 February 1982 please note
that the closing date for prequalification applica-

tions-fcas been emended to Thursday 8 April 1982.

. *■ *. ■

REPUBLIC OF TUNISIA

SOCIETE TUNISIENNE
DE L’ELECTRICITE ET DU GAZ

RNATTONAL CALL
FOR TENDERS

Socie te Tunisienne de rElectricite et du Gaz
(STEG), under the 1982-1986 programme,
forming part of its “ transmission network
development project,” intends to issue an inter-
national call for tenders for the supply, laying
and industrial co mmis sioning of approximately
23 km of underground cables 90kv.

Contractors interested by this call for tenders
may ob tain the bidding do cume nts as- , of the
1st of March 1982, from the STEG Head Office,,
Department Reseau de Transport, Batiment F,

38 Rue Kamel Ataturk, Tunis, on payment of;
one (1) hundred’ dinars or equivalent in foreign -
currency. ,

Bidding documents will not be available, after
the 12th March 1982..

Bids must reach the STEG latest the' 25th May

r. V *

CONTRACTS & TENDERS
: ADVERTISING

_ f . _ • - ' “

Appears every Monday

£27.5.0 pet; r si^e-cohmm centimetre

COMPANY notices

jm ^Extraordinary General
Htd^- 22 nd£MnA. 1932 to consider
ntUfiv.ln the form of the Resolution

, thi s nmva is important and requires yoiir immediate attention

*■ . 7 '.»- • ■- • • • • ‘

- If von in. any doubt u la tW action yon jhovM Ma, you should consult
your stockbroker. Bank . Manager, Solicitor, * Accountant or ocher professions!

• . adviser Immediately.

THE BRAZIL FUND SJL

. "To thi holdertof -Bear*: l Depositary Receipts C"BQRa 00 > «r The* Brazil

Fund SJV r Oie Company '7- • "■ • ' . ' " ■

7 . Article 6GD of the Statutes of the Company contains a p r o visi on whereby
the. Company can only. purAaso shares -issued • by Itself If a period of eight
years- has elapsed- for such' shorter period -as determined by the General
. -Meeting of the - Company, mrvtdtd always * that there Is no breach of the
relevant s t a t u tory pravWoos at the. time In bred since the date of registration
of the respective foreign .Investment svm -the -Cenfiral- ■Bank of Brazil.

.-Brazil Un law was .amended In- -so •■ttwt.lt Ls now permissible for

fortip iQvevtnwnts to r e tor t* to Ot coppery >oi origin after the expiration or two
years from the- date * of Issue,- 4 to onS feah r , . the 1 - Company proposes to amend
Article «ffi) of its 'Statutes so ,«tio alto* * the Company to purchase shares Issued
by ****** afte r the ' txp rstiofT erf. wo.iorr. from :the date of issue. Shares »
Ptfrcbesed.- will than be^JitSd . in tre es— v pend too resale, Tbo statutes of the

• Company allow wtjgftf - t a rtfe acquired by the

.Company, with, subscribed . ourttet may- be made*. .-fluting which a reduction or

• ' ifte ^g ^pspy Ptfriirfft pfr WPfct.W. the. treasury shares not

. It hr : necessary tor tit* shareholders of the .Onfnmdy to give their approval to
:nw- an- a rnepdment - Therefore .Ip proposed' —

Meeting of w Comp amr-W convened fWrV Monda
andp'lt thought et, pass aT- -Resolution safe
set out bdflw. ■ * ^

If the Resolution Pitt ed, bofetors of-tiDRs .wlIT become Immediately
entitfet to redeem -the -shares tttribatabfe to their BOKs In accordance the
Terms and' Conditions of the SDKs. Hokfers of BORs should note, however, that

- w “JWtifWt BryadUu tax may be Payable by the investor

•’ on aov -capital psln rindftr If-yoti are ht any-: doubt -as to' your liability to tax,

. you ahpoid.coasult>yQiir prof«M4oiia|.advfisy/ - -- - r '

■■-■iliW.* hpkl ers of- BDRs are to afebnd or vote at the Extra-

&S& 3TSZ

Br ““” — - — b

Condition 9 of the Terms and Conditions of the BDRs provides that: —

- E sdi._fcPft-hpMgr- may, jmtroct the Depositary In writing as to the
voting, nahtr at any) anrtbuabfi to his Underlying Shares.
Sy ca -, lr ?^ ll ? :| yP J** 7 days before the date of tho relevant

thojMporta nr toge ther with the
5SS rep ES2 nt,ng t* 1 * Underlying Shares concerned (upon terms

' HO!? •5£L flDI L2r ^ wfchdrewn until alter such Meeting or

Depositary shriT notify the Shareholders-
Represen tative 1 of such .Instructions and tile Shareholders 0 Repremtatlva

1 ’ ' f 1 cast the votes attributable to

- ■- **«■**«* With such. Instructions pursuant to the

1 ,B 2! Shareholders 0 Repraentativ* under
^rV ’ I" P» ■' .oMwoct of jwcli. lusfructkins, the
■ >t fhJiriSr ht 00 - mvr zagt . wt* or refrain from voting as

’ ^ Instruct /be Depositary whether

2£uld hr their- bdr or DDRs
' cSSirtoSw> fay or agamn the Resolutioa set out below. Such Instruc-

^tfg**"* 1 .I ff BDR-hoidirt own risk and expense to
ETCS JESJf DR .7 PPRs . representing thf Underlying Shares COP-

- Ctrned, no ’«tcr AaaMooday. iStfi March, 1M2 artftt foltovrlnfl ^drasc-

- Enrop**o - 0*irseo» Issuing Cbnxtttlon S^A«i

' ^^t-DocheMe Charlotte

■ .1. ■ _ : Luxembourg. ■ . ■ _

«.*. rntSi Mm 1 £L % lff * v *r >llly ^ Eoropean Owaraeas rsralnq Corporation

’ MwWn g.aP Movdiy. Z*n* Mwxh7l982
BD R-holdcrt *t »h€ bttw*a risk and emenEe. In the wont

r 2* 1 iSSJ nf **! BS«»titarv. tlw ShanAoWw * Rcsro
. aenwiva intends id vote to . favour . of the RttoihtiOP.

■ -

. „ " ■_ RKSOiUTlONl .■

/for; Section e sab-s^^oTtb«^K^ti.2f

-xaclitalOT of the Pi«ttEsnS-i S moTb!- “ vtemmn tor and to the

^hive o n* If 2 ttwcfr years

■ be -datennhied by the General

2 1 ” £ ** breach oL«w relevant stotntory

Monday. Anril. 1982 ahW M

^ErnSS- oSmeui Londo*. 6C2V SOB. and at tt* *•«* of

— Snu-tajS -LuS2Smi? U H2£.-S 0 !2? r ? t, 9 n BOBJmrtf GnuMWlnHi

f \ 1 &&&U& .2SZ §&%%£!

■ -• -C- ■-

Times Monday March 1 i 9S 2

UK NEWS

Trend to growth I State urged

in mechanical

to ease

IB-

engineering

burden on

industry

BY HAZEL DORY, INDUSTRIAL CORRESPONDENT

MODEST. GROWTH in the out-
put of ihe mechanical engineer-
mg industry over the next IS
months is forecast in the latest
report* from the tripartite
short-term trends working
party, published today. The
report warns, however, that
there is no ’reason to believe
that the- trend wil continue
much beyond mid-l9S3.

Output is expected to rise at

an annual rate of .4 per cent till
the middle of next j/ear as a
result .of the expected growth
in investment “by UK xnanufac-
turing industry, which is essen-
tial for an improvement in
demand for mechanical engi-
neering products. The Teport.
does not expect manufacturing
investment, however.- to break
away from the cyclical pattern,
of the past,' -which implies a
downturn in manufacturing in-
vestment from 1984-85. That, in
turn, will probably cause a
further downturn in mechanical
engineering activity.

The order figures for the in-
dustry are complicated by a
number of large contracts,
taken over the past few months,
which have been the basis for
recent optimistic claims by
Government Ministers about the
trend to improvement in the
industry. .

.The report, points out that
these large contracts represent
work to be carried out mainly
by a small number of com-
panies end extended over several
years. They do nqt, therefore,
necessarily indicate current
trends far the : industry as a
whole, or even far the particular
■companies involved.

By Arthur Smith, Midlands
Correspondent

Mechartiral^B^kieefing

— SALES — NET NEW ORDERS

100

imnOOSEASQNAUy ADJUSTED

SOUCESIDB"! OF IWUKRZY, SHORT TBW TRENDS
. , : WOWBO. PARTY

.QUICK government action to
remove the “disproportionate
burden " on the private sector
is surged today by tbe West
Midlands region of the Con-
federation of British Industry.

Economists predict strain on company funds

BY MAX WILKINSON. ECONOMIC CORRESPONDENT

It says there is mounting
evidence from companies that
without such action, many of
the. likely benefits of im-
proved efficiency may not be
realised-

The industry’s -costs bave
stabilised tin recent months, par-
ticularly as a result of the
reduction in unit wage end
salary costs since the spring of
1981. This is because ithe indus-
try^ output has ceased to decline
whale employment has con-
tinued to fall (from 800.000 in
December 1980 to 721,000 in
November 1981), ami employees’
earnings have risen more slowly
titan in 1980.

The region, which this week
hosts a conference to discuss
ways in which industry might
be revived, stresses the role
of government in .creating
tiie right climate.

Prices of the mtiustry’s pro-
ducts have been rising at an
annual rate of about 7 or 8 per
cent for tbe past year and at is
thought that the trend as prob-
ably continuing. Material and
fuel costs are about 6 per cent
higher than a year ago, and
probably still rising at about
6 per cent a year.

A background paper to a
discussion to be led by Sir
Terence Beckett, director-
general of the CBX, says that
in the two years to mid-1981
government spending on
goods and services rose by
more than 20 per cent after
adjusting for inflation. By
contrast, output in the whole
economy fell by 7 per cent
and in manufacturing by 15
per cent

Inflation

• Mechanical Engineering Short-
Term Trends . available by
annual subscription. Published
by the Engineering Employers'
Federation.

“ While so many companies
faced with different dream-
stances have been doing all
they can to improve their
competitiveness, the time is
now long overdue when
centred government must play
its part in this process,” the
document says.

Electricity price concert

It asks delegates to the
conference whether further
reductions of government
controls on business should
be sought and what should be
the priorities.

THE ELECTRICITY Consu-
mers* Council has accused the
G overrun eru of adopting policies
which force up- the price of
electricity. The council's annual
report, published today, ex-
presses concern about the impli-
cations for electricity prices of
the Government’s financial
targets and borrowing limits
policy.

“ It is hard ito justify a finan-
cial target which requires in-
creases in tiie price bf electri-
city when electricity prices have

risen by 49 per cent in real
terms since 1974.

“ Moreover, (the imposition of
a financial target, in addition
to the industry’s ovfciiing statu-
tory duties, will not necessarily
improve the efficiency of the
industry” said the report.

• Plans to build a nuclear
power station on a green field
site in the south-west are “un-
acceptable,” the Country Land-
owners' Association has told
the Central Electricity Generat-
ing Board.

The West Midlands region
of the GBI has poured scorn
on Whitehall and ' West-
minster reports of an upturn
in business activity. Local
Industrialists will believe in
a recovery only once orders
improve, the CBI argues.

RECOVERY from the UK’s
present economic recession is
likely to put a heavy strain, on
companies’ finances, the London.
Business School predicts in its
latest Economic Outlook,

Because of the current low
levels of profitability, the re-
building of stocks and increased
investment will have to be
financed by borrowing on a
scale which has little precedent
since the Second World War,
the Business School says.

“ One of the key Issues in the
present forecast is the extent to
which the company sector will
be prepared to go into debt to-
finance the rebuilding of stocks
and new capital equipment
There is little precedent in post- :
war history for the emergence
of a corporate sector deficit at
this stage of the recovery.” - -

For this reason, the London
Business School believes the re-
storation of profitability in the
company sector will be of crucia l
importance in sus taining a
recovery. '

This is because it does not

*

expect any substantial stimulus
to come from an increase in
Government spending so long as
an attempt is made to keep
broadly within ihe terms of the
present Medium Term Financial
Strategy.

A special analysis by Profes-
sor Alan Budd, director of the
school’s Centre for Economic
Forecasting, and Dr Geoffrey
Dicks, suggests the corporate
sector’s financial deficit will rise
from £l.lbn in 1981 to £3.5bn
in 1982, in spite of a substantial
improvement in profits.

Although they expect trading
profits to rise 1^ 70 per cent to
£39bn between 1981 and 1983
they think the ttoandal deficit
wifi remain at £3.4bn in 1983.

This deficit is expected to
result from 'a rebuilding of
stocks (amounting to £L7bn
next year compared with the
reduction of £4bn last year) and
from a build-up of investment
which, they think should
increase at an average annual
rate of some 16 per cent this
year and next

They say: “We believe deficits
on this 'scale are near the limit
of what the company sector will
be prepared to finance under
current conditions.”'

To increase company expendi-
ture, they suggest, means would
bave to be found to raise com-
pany savings, either through
increasing company profits or
by reducing corporate taxes.

However, they say there is
little the Government can do
to increase company profits in
tbe long term, and a short-term
boost, through a stimulus to
demand, would be inconsistent
with the Medium Term Finan-
cial Strategy.

“The question, therefore is
how the Government could use
fiscal policy within the strategy
to encourage company savings.”

- Professor Budd and Dr Dicks
examine two alternative ways
of giving a modest amount of
help within the general con-
straint of the Government's
borrowing targets. They are:
a reduction in the forthcoming
Budget of the employers' Nat-

ional Insurance, surcharge from
3i per cent to i* per cent with
a reduction in. the standard rate
of income tax to 25 per cent
in lateT years, or alternatively,
a more rapid cut in income tax
with no reduction of the sur-
charge.

In either case, the Public Sec-
tor Borrowing Requirement
would fall from about £10.2bn
’in the current financial year to
£9.3bn in 1982-83. I>t would stay
■about the same in 1983-S4, then
fall to £6.2bn in 1985-86.

■ However, the first option of
reducing the surcharge, could be
expected to result in slightly
faster growth with a somewhat
lower inflation rate and higher
. levels of Investment.

This policy has therefore been
adopted as one of the basic
assumptions underlying the
school's current forecast. How-
ever, even with this help the
LBS believes the company sec-
tor’s financial deficit could
increase to more than £7bn by
1985.

Professor Budd and Dr Dicks

say in (their special article that
there can be no guarantee that
a cut in the surcharge would b*
used to improve proGtabiHty and
stimulate investment rather
than being used for higher wage
settlements. Conversely, an in-
come tax cut might lead to
lower pay settlements which
would benefit companies’
finances-

They add: “ Ultimately, what
matters is the potential profit-
ability of investment, which
depends on the cost of capital
and the f litre cost/price struc-
ture of output.”

Tliey conclude: “On balance,
we believe that, under current
conditions, a shift of income to
the company sector is justified

and that this is best achieved by
cutting the National Insurance
Surcharge."

“If this is done within the
broad'framework of the Medium
Term Financial Strategy, there
is a reasonable chance that com-
panies will expand output and
expenditure within a favourable
financial environment.”

Budget call
for caution

Further rise in unemployment forecast

BY OUR ECONOMICS CORRE5 PONjDQsJ T

by Barclays

Tbe West RGdlads region
has gained more than 100
acceptances to its conference,
which is aimed at exchanging
Ideas so that companies' can
move into new products and
new markets to regenerate
the local economy.”

By Our Economics Correspondent

THE CHANCELLOR is given
strong support from Barclays
Bank' today for a cautious
Budget aimed at containing
public borrowing and reducing
interest rates.

In its latest UK financial sur-
vey, Barclays says the path to
economic recovery is likely to
be associated with lower
interest, rates.

However, the financial
markets would quickly scotch
the idea that this could be
achieved at the same time as a
significant increase in money
supply and Government
borrowing.

Further support for a tight
Budget comes today from Pro-
fessor Richard Stapleton, of the
Manchester Business School,
who says that economic
recovery is much more likely
to be achieved if present
policies continue.

In an occasional paper, pub-
lished by the Institute of
Economic Affairs, Professor
Stapleton says the traditional
Keynesian policy of boosting
demand and cutting taxes would
bring only short-term benefits
and result in long-run
stagnation.

*CouM do Better. Occasional Paper
Special 62, Institute of Economic
Adairs. 2 Lord North Street. London

THE LONDON Business School
is significantly more pessimistic
in its latest forecast of the pros-
pects for unemployment during
the next four years.

Although it continues to pre-
dict a slow recovery of economic
activity up to 1985, it no longer
believes, as It did in November,
that the unemployment total
can be stabilised next year at
about 2.7m (excluding school-
leavers).

Instead, it. thinks that the
total .will continue to rise, to
3.1m by. 1985. It has thus come
more into line with tbe National
Institute of Economic and
Social Research, although it
remains rather more optimistic
than the latter about the pros-
pects for growth and jobs.

This reflects, in part at least,
a difference between the two
bodies’ assumptions. The insti-
tute forecasts a growth in rate
of output of only 0.7 per cent
in 1985 with unemployment
at 3.3m on the conventional
assumption that present (pre-
Budget policies would continue.

However, the business school
has assumed that the Chancellor
will apply a modest stimulus
to tbe economy by reducing the
employers’ national insurance
surcharge from 3$ per cent to
1} per cent on March 9, and
abolish it entirely next year. It
also assumes that the standard
rate of income tax will be cut

by one percentage point to 29
per cent, in 1983-84 and then
reduced progressively to 25 per
cent in 1985-86. It assumes that
these changes will be made
within the “ broad framework ’’
of the Government’s present
Medium-Term Financial Strat-
egy, although the reduction of
public borrowing as a pro-
portion of output would not be
achieved quite as rapidly as
envisaged, and the ’ money
supply (sterling M3) 'would
remain outside tbe target range
for the whale period. - -

Even ■ if the surcharge were
abolished, the business school
says, the company sector would
remain under financial pressure

and this would result in pres-
sure to reduce wage bills “ both
by enforcing modest wage settle-
ments and by continuing to
reduce their workforce.”

recover?’ thereafter it is ex-
pected that the main source of
growth in the UK will he com-
pany investment in stocks and
capital equipment

Although total employment is
expected to fall more slowly
next year than in 1981, the fore-
casters say: “We believe that
the shake-out of labour in the
recession, was permanent and
expect the productivity gains
achieved in 1981 (which we
estimate at 10 per cent in manu-
facturing industry) to be held
in 1'9S2. ”

This is expected to be pro-
voked by a rapid growth of
company profits, but the 1

counterpart to this will be a
continued squeeze on real
personal incomes.

■ Against a background of Weak
demand in the world during the
first half of this year and slow

• Economic Outlook 1981-19SS,
February 19S2, London Business
School Centre jor Economic
Forecasting. .-Annual subscrip-
tion £65 ($160 lor the Con-
tinent ) — Coirer House, Croft
Road, Aldershot, Hampshire
GUH 3HRi

LONDON BUSINESS SCHOOL FORECASTS
(November projections in brackets
percentage, annual increase)

1981

1982

1983

1984

1985

Gross Domestic Product
Consumers expenditure
Private fixed investment
Exports
Imports

Consumer prices
Money supply (sterling M3)
PSBR Finaidal year (£bn)
Wholly unemployed (m)
Annual average
Balance of payments
Current account (£bn)

-2.7 (-2.9)
0.1 (0.4)

-4.1 (-4.6)
-1.6 (-7.3)
- 2.1 ( -6 J )
10.8 (11.3)
1&9 (15:6)
10.2 (11.5)

L5U.7)
0.3 (0.2)
2.9- (0.8)
4*3 (3.5)
11.6 (7.9)
10.9 (10.8)
9.4 (1L2)
9.3 (9.7)

2.6 ( 2 . 8 )
LS (1.3)
4.1 (4.4)
4J2 (6.0)
4.0 (5.6)

8.5 (10.5)
10.8 (1L1)

9.5 (7.4)

L8 (1.8)
1.3 (0.7)

2.2 (5.7)

3.2 (5.4)
2.0 ( 2 . 8 )
9.9(10.9)

12.1 ( 10 . 0 )

7.S (6.5)

1.6 (1.7)
1.4 (1.8)
44 ( 6 . 2 )

2.7 (2.6)
L9(L9)
9.6

124 (9.5)

6.2 (5£)

2.5 (2.6)

74 (5.2)

2.9 (2.8) 2.9 (2.7) 3.0 (2.7)

2.0 (1.6) 2.1 (1.5) 2.7 (2.8)

3.1 (2.7)

3.2 (4.0)

#T

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FUEL FIGURES IN ITS CLASS. THE NEW PEUGEOT 505 ESTATE.

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Microprocessors start to
talk to the real world

BY LOUISE KEHOE in CALIFORNIA

MICROPROCESSORS HAVE devices could represent a SlOOm form.

worked wonders for computer business by 1985, growing to as Analog process rs are also
systems, but they have one big much as $200m by the end of important for servcKttntrol
drawback. Microcomputers tbe decade, according to some mechanisms such as positioning
‘‘talk” a binary language of ones estimates. the read/write head on a com-

and zeroes (equivalent to The first “analog micro- puter memory disk, and are
“power on" or “power off"), processors” were introduced expected to find wide use in
whereas the real world com- more than a year ago. but like robotics,
municaies in analog signals like the first digital microprocessors. Alternatively, the Intel device
sound and speech. those early attempts at a solu- can be used as a programmable

Creating an electronic system tion left much to be desired- filter providing more accurate
that ean~ work on constantly They were trail-blazers that signal processing than can be
changing analog signals has, introduced a new concept in achieved with conventional com-
uniil recently, meant building signal processing — and like so ponents,

'up circuits from several com- many Innovative products they The latest advance in digital
ponents — as used to be the case had bugs which had to be signal processors has come
with digital computers before worked out. from Texas Instruments. Last

the microprocessor was Now, a new generation of week the company disclosed
invented. digital signal processors is plans for a very powerful micro-

* emerging. Intel, one of the processor that is optimised for

/\avantages early leaders in the field, has digital signal processing appli-

Now. “Analog microproees- redesigned its “analog micro- cations,
sors" are beginning to emerge computer" and is about to 'C'lpviliJIitv
as a whole hew ranee of jute- launch ir on the market The -r«Aiuuiiy

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"! ■ : • .;<*■[. ■* * < S..y

«<■ •* y-'wJBw.,

SERIES. 14, a range of cartridge
assemblies for fitting into non-

ferrous manifolds, special
valves and OEM equipment, has
been introduced .by 'CoinpAir
Jfaxazn: Details from the
company at Fool, Redruth,
Cornwall (0209 712712).

■ -iji ■ -v

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U : ..ti.K. £

» ■

for high temperatures

BY JOHN GRIFFITHS

? J « a Aixmr ~ — i — Wcui /afAnHr.fnAl ioad

Control room of a modern brewer in Osaka, Japan. Sensors monitor temperature and pressure
as analogue values but microprocessors understand only binary digits. The new chips offer a

compromise which opens new possibles for industrial control.

BY JOHN .GRIFFITHS

A -NEW- carbon filwe -based quently f oel cost passenger load
’ material capable of withstanding disadvantages.

tehgieratures -of* 900' degrees C • Hitherto. ■ the most effective
^WKSSHRS^^nr for <at least five nunutes has flame-retardant materials have
■■' ; -been launched by TJuivensal been aramid based products

' ;\ . v!'^s#IHHi*IMP Caarbon ’ Fibres, a Wciteg, worn by firemen and racing

, aTW i nTr1Triirr Surrey-based subsk^aay of the drivers. However, these combust

Coats Patous textiles group. at 490 degrees C, and typical
^ t ?’ T5^L? eW CWpS ° fler * It 4s expected to have wide- surviraa time for, say. a racing
nal o itroL. spread " applications ' among driver immersed m a petrol fire

to^meffl^ldfl.eyconW of

v/k 5 ?

so^” are Sn to emerge ^puter" Tnd Ts abo^TTo ^vice wiU play an important me^od of speech analysis^ - 60 seconds.

as a whole new range of jnte- Jaunt* ir on tbe market The 1 ^ 1 ® xlbl,,t y part m makmg computers more The algorithms fo r speech be^ o«df»ulto^d unagrng It fa . f)ejog pmdnced m a The new

-rated circuits designed to take Intel 2921 is aimed at low cost. The first version of TTs chip amenable to human methods of recognition are improving ail and imrarea uno . smg vastety of forms, from a fight- Pamotex, is damned to allow snr-

in real world signals— perform relatively low performance will be introduced later this communication. The TI chip the time. Locking into one of tons. - weight clothing material to vrvd in similar droumstances

CDinputatiom on them^-and applications. year. Unlike the Intel chip, the could be used, for example, to them is a nsk for the systems One raj* in tne heavier .weaves for use on seat- for a mmunum of 90 seconds

send them on thd r way. It incorporates microcircuits TI 320 will not incorporate its allow a computer to understand manufacturer, said Mr plementatiOfn oi oigixai sig^i _ cable 1 snsutoaon. and. up to three minutes and 20

as a whole new ranee of jnte- launch it on the market Tbe
grated circuits designed to take Intel 2921 is aimed at low cost

CDinputanoQc on them — and applications. yrar. umuse me iniei ciup, Uie rouiu oe u9cu, 1 U 1 iw

send them on their way. It incorporates microcircuits TI 320 will not incorporate its allow a computer to understand

These new chips will bring that convert analog to digital own digital-tonnalog and spoken commands,

the economic advantages of mic- and then back again as well as analog-to-digital converters. "While custom-designed chips

said

iuue nsrw uaipa wm uriu” uuu. ojuycii auaivis w vueitai « . ... McDonOUp. , . . __ j flT - rfHlTAri In a wwuoua oct-vww, — °

the economic advantages of mic- and then back again as well as analog-to-digital converters. While custom-designed chips Like the Intel device, uie 320 few engineer are saiiea m production, member of layers used. This is

roprucessors to a new range of the computational elements all TI advanced microcomputers can already implement voice could also be used to build a using it most more p1 >nTtfcng i m metres p^tiy because, apart from its

applications. Like regular micro- on a single chip. engineering manager, Kevin recognition to same degree, the modem, but the Tl-based syrfem famibax wththec^emionai ^Tyear.^Bot it envisages a combustion resistaaice, the

processors the analog varied According to the company it McDonough, said that the chip TI 320 microprocessor could could handle much higher data approach to analog signal pro- ■ material has a low thermal con-

, 0ne “.“ e . heavier .weavesfor use an seat- for amminarm of 90 seconds

Mr plementation of digtel i signal ^ and far cable snsulation. and vp to three minutes and 20
processing technology is that . .... ■ Trrvr^ IT- m iv«»

UCF fe taking a cautious seconds, depending on tbe

processors the analosr varied According to the company it McDonough, said that the chip ti mju microprocessor couio couia nanaie muen m^ier uaut appi;i««i iv ««a^ ^aai pro- fap poteutBaL from two material bas a low thermal con-

will reduce tbe number of chips will he used to make low speed was designed for maximum perform the signal analyses rates of up to 9,600 bauds. Other cessing using so-rauea unear S(fa[ce ^ “ ductivity— important because a

needed to build a system, and modems — the units that con- flexibility. Future versions of required in "real time” as the areas of application for the new orctuts hlw ampuners, niters b^fiov^ «t c«i' ; capture a temperature rise of even 25

can be fitted to particular nect computers to telephone the device will, however, have words are spoken into the devices could be in weapon and oscillators. substantisd slice of the' existing degrees C, if rapid, is unaccept-

sj-stem requirements bv changes lines, and also in other tele- the on-board converters and be system. guidance systems, radar and The new twmnoiogy wm mMHpiait -■ ^^ective clothing. aWe t» the human body,

in software programs instead communications applications geared towards particular types Another advantage of the 320 sonar signal processing, and in require newly trained engineers MnaiortmM: in the looser Panotex is made from an m-

of comnletelv new chin designs, that involve the translation of of applications. in speech systems is that it is the analysis of geophysical capable of designing systems- <qustnal acrvlic “tow" cured

around it.

market for protective dotMag. aswe to tne rntman way.

More unportant in title longer Panotex is made from an m-
term, however, is its .expected dustrial acrylir “ towv cured
use -■a® seating, material in into an oxidised fibre which wiil

various forms of piflrtfc trans- tKirn S* 1 ^ F*? -

port, where the TOsfic effect <rf cessed with secondary fibres .into

hydrogen cyanide released from a yam formmg .*e bafsof
- « bttmmiE polyurethane cushion- different ma tenais. ^ Itcan ^ be

laohmmiA tns materials. can be as d anger-.

ICLIllllU Uv ous « direct flame. laminated with other materials.

The new ^materiel a<fts-as.an " .

lnfpA/ln AA/I impermeaWe “blanket” in such and

ifltrOOUCea carcnnstances. solve nts are said TO be other

Tjrrp cam AHk market is advantages.

reduced to designing the cir- The 600 is distinguished by the which control the running of or her own purposes. been configured by Ixigica tfchntotte for micro- mrtuaM v nrst^rnn^ loevitaMy, the product is ex-

cuit boards which carry elec- fact that it is a 16-bit micro- the machine itself (as opposed The Bleasdale 600 with which is distributor of Xenix non-ferrous metals : Tfre ramei^ies to oassewzer ' pertave: £19.28 a metre for the

tronic signals to and from the computer, that it is the first to applications software which Z8000 16-bit microprocessor, in the UK. . FV!? . nravide an over- protective clotWng m ixture of

clips and airammg for ade- European mictocomputer carries out speetde taste). 256K of memory. ei*ht input/ Barclays seams happy with «“i P'!f 5g *J f P SS tlS^o fSSd’ta ArtatfS 90 pS cent PSote*/10 per

quate software (computer in- designed for use with Xenix The better and more versatile output ports, oOOK bytes of its investment; computer ^^tw-o SWibawfior 28tb SStv cent wool; £14R6 for the 60/40

structionsi to enable users to and that it found appreciable the operating system, the better floppy disk system and 10 experts who have examined the £L'2£ Panotex / wool covering

work easily with the computer, funding from Barclays Bank and the microcomputer appears, megabyte Winchester disk costs machine think it is weU 3 ma&d-

None of this is to be looked the Department of Industry. Unix is attracting a lot of under £10,000. designed and engineered and ?* T B c _ it>l /-irntrin^rsi 0 ^ ;; i^Lcun' " ' — ~ ■ ■

of completely new chip designs, that involve the translation of of applications. in speech systems is that it is the analysis of geophysical

Fo-r the chip makers, the new an analog signal into a different According to the company the not tied in to one particular seismic signals.

Bleasdale 600 — first in Europe for use with Xenix

■

THE READY availability of months work to create the house, Microsoft, and based on It incorporates an excellent memory is all in the form of
cheap, powerful microcomputer Bleasdale 609— but it’s sab- Unix which was developed in word processing system and it 64K dRAMs. The totally sealed

chips is changing the data pro- stantially different from the turn by Bell Labs. is particularly easy for the Winchester drive sits on its

cessing landscape dramatically, early days of computer con- Operating systems are the programmer to modify the way side In the computer casing.
These days computer design is struction. sets of computer instructions the machine handles to suit his The 600 version of Xenix has

reduced to designing the cir- The 600 is distinguished by tbe which control the running of or her own purposes. been configured by Logics

cuit boards which carry elec- fact that it is a 16-bit micro- tbe machine itself (as opposed The Bleasdale 600 with which is distributor of Xenix

tronic signals to and from the computer, that it is the first to applications software which Z8000 16-bit microprocessor, in the UK.

teas J * /Ate, . * - — j u Ate O a C m n m n .ii .-iLf itiMMt/ Da Aiir PAAMn hnnnw «irlf

The better and more versatile output ports, 500K bytes of its investment; computer ,7_. cent wool- £14^6 for the 60/40

the operating system, the better floppy disk system and 10 experts who have examined the SSHSfSTaSf* airSeeffiiifih Panotex 7 wool covering

the microcomputer appears, megabyte Winchester disk costs machine think it is well ,^^_ raa _ ten ^ s ^ t ^ SS.

the nucrocamputer appears, megabyte win
Unix is attracting a lot of under £10,000

designed ^ en^d "and - « * ft JS“i=S|«- 55S*

-1UUC UXld Id IU MC 1UU1VCU LUC LTCUdl LLUCUL UI |UUUdU». UiUA .nuuLirn^ a iui xj* “UU L.. T T> QmltVi /TTyurinMircl rrrt,*- 1 am 1 " ■ 11 1

down on— it took Mr Eddie Xenix is an operating system attention at present because it It all packs into a neat box good value ft»r money. Bleasdale J 11 ' ^ ri •/ t,

Bleasdale £500,000 and several developed by the U.S. software is well liked by programmers, about two feet square. Main is on 01-828 6661. ALAN CAJ ® ‘ (JlSo3 3326). " Bexleylieatl1 material does not 3\YltCD fHDgC

AU of these securities have been privately placed.
This announcement appears as a matter of record only.

New Issue

January 1982

CITIC

¥10,000,000,000

China International Trust and Investment Corporation

8.7% JAPANESE YEN NOTES DOE 1994

Lead-managed by

The Nomura Securities Co., Ltd.

Co-managed by

The Bank of Tokyo, Ltd. Daiwa Securities Co. Ltd.

NOTICE TO HOLDERS OF

FUJITSU LIMITED

(Fujitsu Kibustdkl Kioto)

(the ^Company")

VS. S8D.0M,0M 5K per ccut^
Convertible Bonds 1996
(tbe - Bonds’ 1 )

Pursuant to Clause 7(B) and (Q of
the Trust Deed dated 28th May. 1981
under which the Bonds were issued*
notice is hereby given as follows:

!. Tbe Company has issued new
shares of Common Stock through,
public offerings in Japan and outside
of Ja pan on Fchrua ry 25, 1 982 (To kyo
Timd. The number of new shares
issued was 50,000,000 shares in Japan
at i he price of Yen 713 per share and
30.000.000 shares tin the form or
E uropca n Deposit j ry Receipts) mainly
in Furupefcxcludingthc United States
of America I at. the price nf Yen 7i3 per
Nharc icquiialem to U S. S 3.090 per
share evidenced bi European Depos-
itary Rcceipcsl.

2, As the above issue price is not
lower than the current market price of
Yen 7 11.8 per share of Compton Stock
(calculated pursuant to Condition
5(C) fviil and fx) of the Bonds), such
issue of new shares has not resulted in
the adjust mem of the conversion price
of the Bonds. The conversion price of
the Bo rfds in effect oh ihedatc hereof is
Yen 732 per share of Common Stock.

FUJITSU LIMITED
By: The Bank of Tokyo
Trust Company
* as Trustee

Dated: March 1, 1982

The company claims that the -Dot derekipineot is also A NEW RANGE of illuminated
method, using a Lucchesi- taking place a£ carbon fibre seat- lever switches, waled or non-
Carins air turbine air bearing ^ frames, 30 per «nt lighter sealed, and rated at six or 35
s?£Se, hi advantage over ^an; cmrvention^&am^. and amp 125 VAC and three ^or
the usual method of laooine XJCF believes a cotribioation of 10 ■ amp .250 VAC as now
Md *e two dbould. overcome NSP Swrtrtes

that thecomponent is helfi by re ^ atro !S ***** ZtiLPESSi f’ KeighIey ' Yoriw

a vacuum chuck and there is ®rtra weight, and coose- (0535 61144).

no distortion because polishing

is not required after machining.

Mr H. Lessey at his day -time
Dumber, or ’pbone him. in the
evening at 01-303 7891, will be
happy to go into more detail.

Safety belt

CYCLISTS and other twowhed
riders might like to know about
the “Star Ranger.” This is a
sash style belt, but instead of
using light reflectora incorpor-
ates eight light emitting diodes
powered by a. PP3 battery.

There are five red lights for
the back and 'three amber on
tbe front. The belt is shower-
proof and made of fire resistant
fluorescent yellow nylon.

The belt wifi be going on sale
nationally bat meanwhile is
available from Hatreds or by
mail order from- Star Ranger, 3;
Cale Street, Chelsea . Green,
London SW3 at £1250 includ-
ing post and packaging.

J

Inadvertnely, the report In Friday’s issue on the automated
m a n ufacturing conference was accompanied by an incorrect
diagram. We apologise for any eonfusion to readers: the
7.- correct tDostratioh Is shown above.

This amiouncemoTt appears as a matter of record onfy

Asian Development Bank

Dfls. 100,000,000

llVi per cent Bonds 1982 due 1988/1992

This announcement appears as a matter of record only

• January 1982

Kommandittselskapet

AIRINVEST A/S

{A Norwegian limited partnership) ..

U.S. $ 19,20(1,000

Medium Term Loan
in connection with the purchase
Boeing 747 Jumbo Jet

of a

Annual coupons March 15

Algemene Bank Nederland N.V.

Amsterdam-Kotterdam Bant N.V.

Bank Mees & Hope NV

Cooperative Centxale Raiffeisen-Boerenleenbank BA
Nededandsche MiddenstandsbankN.V.

Pierson, Heldiing & Pierson N.V.

Credit Suisse Fust Boston Limited
Daiwa Europe N.V.

Deutsche Bank Aktiengesellschafi

Kuwait Investment Company (S AK.)

Kredietbank S A Luxembourgeoise

Nomura International Limited

Swiss Bank Corporation Intemational Limited

Union Bank of Switzerland (Securities) limited

• -Provided by •

AMERICAN SCANDINAVIAN BANKING CORPORATION
. . -.CHRISTIANIA BANK OG KREDITKASSE

"DEN DANSKJE B/^NK AF 1871 AKTlESELSKAB

•; PKBANKEN

- - UNION-BANK OF FINLAND INTERNATIONAL S A ■

* ■ ■ - • -■

with

K CHRISTIANiA BANK

CmdSWANIA BANK PC KRFnmc a«a=

-V ‘ ’ as agent

w ...

V Christfanfa Bank has m co-oiporation with’ ’ T“
Lefac Norsk Leasing og Factoring A/S) arranged the presentation
of the project, estehifebmentof the limited partnership^

‘ negotiating of the purchase of the aircraft and arranged Uie

. .. financing thereof. ~ \

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|W j : a * Ma rch 1 1982

tfUILDING A NH

^ —

■- „ r- - .

i .• • ■•■ '

Mfp •> • ■

CIVIL ENGINEERING

■ .i.|

■- :■.»

. . •!■

• •: i

l'. :••

> i-s

^ vi!\
\ -. . . .

support for BRE

H? .OTpMENT has been
Wtfjhat the slate sponsored

Si,««« h Establish-
S?!i? . . U J d ^ emam in business
ana iflat the Government should

SJ^nSi 0 pn>vide bulk of

tne BREs annual budget—
about £Um in 19S1.

The feeommcndaaons are
contained in a report prepared
by the Building and Civil En-
gineering Economic Develop-
menx Committee, at the request
of Mr Michael Heseltine. En-
vironment Secretary. Full
details of the recommendations
are published today.

The principal findings are
that: “Government must con-
tinue to play a major part in
funding research" and "the
commercially independent capa-
bility provided by BRE is now
even more important than
before.”

The report suggests that the
construction Industry might be
aWe to fund part of the BSE’s
budget by establishing an indus-
try wide insurance scheme to
meet the costs of damages
arising from construction
defects. Payments into the

scheme would be mandatory
and part of the cash raised
could be used to fund building
research work.

The report notes . that a
defects liability insurance
scheme is already obligatory for
French architects, structural
engineers and contractors. This
had: “developed into a remark-
ably coherent system, which
stems from defined responsibili-
ties for structural stability and
related aspects of performance
during a ten year period."

It says that a similar system
in Britain would require chan-
ges in legislation, to provide a
recognised time scale in which
damages arising from building
work could be claimed. Pre-
sently there is unlimited
liability for claims arising out
of construction work.

The report recommends that
the possibilities of establishing
a “mandatory defects liability
insurance scheme” be investiga-
ted. This might involve “insur-
ance for each project to be
affected either by the employer

or incorporated fn tenders,
much as a performance bond.
A levy on provisions for latent
defects could fund the work
commissioned by an indepen-
dent national body set up to
co-ordinate and fund construc-
tion research."

It would however be undesir-
able for all building research
work to be funded by the pri-
vate sectors. "If it is to com-
mand acceptance, some of this
work needs to be assessed inde-
pendently of its commercial
sponsors ” says the report.

It however recommends that
management control of BRE be
reorganised to reduce its depen-
dence on public sector orienta-
ted work and to forge closer
links with the private sector. It
recommends the establishment
‘of a supervisory board of man-
agement to provide greater com-
mercial flexibility and to review
formulation of the research pro-
gramme. This board should con-
tain representatives from, a
wide range of constrction in-
terests in the commercial sec-
tor.

INTERNATIONAL

Irrigation in
the Yemen

SIR XL MacDONALD and
Partners of Cambridge, in
association with Hunting Tech-
nical Services and Rendel,
Palmer and Tritton, have been
appointed consulting engineers
for the £4Sm Wadi Mawr
Project by the Tihaina Develop-
ment Authority of the Yemen
Arab Republic.

Multi-lateral finance for tbe
project is being provided by the
International Development
Association, the Kuwait Fund
for Agricultural and Economic
Development, the International
Fund for Agricultural Develop-
ment, Kredilanstalt fur Wieder-
aufbau. the European Economic
Community Special Action
Account and the Government of
Yemen Arab Republic.

The project is planned for
the improvement of agricultural
production of about 25,000
hectares by the optional use of
surface and groundwater involv-
ing the construction of diversion
structures and feeder canals,
the remodelling of minor canals
and the installation- of tube-
wells.

In addition the project
involves construction of 148 km
of approach roads -to improve.

access, the construction . of
water supply, installations for
103 villages and the construc-
ts on. of two project headquarters
including staff bousing.

The _ consultants will review
an existing feasibility study,
and undertake design and the
preparation of tender docu-
ments, supervision of construc-
tion and advisory and manage-
ment services. The project is
due for completion in 1984.

Railways in
Mozambique

TWO ESSENTIAL supply rail-
way lines in Mozambique are to
undergo close scrutiny in a four-
month feasibility’ study by the
consulting engineers, Mott Hay
and Anderson International,
Croydon, in association with
. economists Maxwell Stamp.

Starting immediately, the
study will provide recommenda-
tions to the Mozambique Govern-
ment on how to make the best
return from £10m British aid for
railway improvement from the
Overseas Development Admini-
stration of the UK

The two Hues in question, from
Maputo to Chicualaculua and
from Beira to Machipanda are
both of narrow gauge and in
need- of considerable renova-
tion. The Beira line still uses
-mean- engines, while the Maputo.

line is diesel. Mott Hay and
Anderson will be operating on
behalf of the ODA under British
technical co-operation agree-
ments.

KIER INTERNATIONAL, . a
member of tbe French . Kier
Group, has been awarded two
contracts overseas.

The first is the £5.3m Trincity
Commercial Centre, Trinidad,
for Home Construction. Tbe 21
months’ contract is for. a two-
storey reinforced concrete frame
covered shopping centre of 15,000
square meters floor area, plus a
car park.

The second is a £4.7ra. contract
at Gaborone new international
airport for the Botswana Govern-
ment. Of 30 months’ duration,
works include a terminal build-
ing, control tower, technical
block and many ancillaiy'. build-
ings complete with services.

★

GEORGE WIlttPEY OF
FLORIDA INC has been awarded
a £2m contract to provide
services and upgrade runways at
Miami Airport for Metropolitan
Dade County Aviation Depart-
ment. Wimpey will install water
mains and fuel lines at the air-
port as well as providing equip-
ment to produce, chilled water
and water ducts. The company
will also replace existing run-
ways at the airport's J complex.
Work has started for completion
by the end of the year. ..

Construction
orders in
West Germany

NEW FOREIGN orders for the
West German construction
industry rose to just above
DM llbn f£2.5bn) in 1981 from
DM I0.1bn‘ (£2.2bn) in 1980,
according to the industry
association.

Economic and political un-
certainties make it difficult to
predict the trend for foreign
orders in 1982, but the associa-
tion says there are no grounds
for pessimism.

Opec countries continue to
dominate, accounting for 90 per
cent of foreign orders. Iraq
displaced Saudi Arabia last
year as largest awarder of con-
tracts with a 50 per cent share
of total contract value against
Saudi Arabia's 20 per cent

This is in stark contrast with
the home industry which is in
deep recession. The budding
dump, which began in 1980
with a lall in orders of 7.7 per
cent in real terms, has deepened
over the last year with . a
further fall of 18 per cent —
and the rate of decline is
accelerating.

In December. West German
building companies had orders
guaranteeing work for only two
months: a fall of a third over
the oast two years. The indus-
try blames the drop in public
spending.

. . and in Japan

CONSTRUCTION ORDERS re-
ceived by 43 major Japanese
construction firms fell 18.5 per
cent in January to a seasonally-
adjusted Y669.59bn (£1.5bn)

from an • upward -revised
Y821.1Sbn (£l.S5bn) in Decem-
ber, when they were 0-4
| per cent higher than in
November, according to govern-
ment figures.

Unadjusted, January con-
struction orders fell 16.3 per
cent from a year earlier after i
an 11.1 ■ per cent year-on-year
December gain, the sharpest
decline since an 1S.6 per cent
drop in January 1976.

The January fall was due to
a decline in orders for large-
scale construction projects.

Adjusted private sector j
orders in January fell 16.8 per
cent to Y370.90bn (£0B3bn)
from a downward-revised
Y446.03bn f£lbn) in December,
and they were down 15.2 per
cent from a year earlier on an
unadjusted basis.

Adjusted public sector orders
fell 20.6 per cent to Y216.71bn
(£0.48bn) “from an upward-
revised Y272.86bo (£0.61bn) in
December, and were down 34.6
per cent from a year earlier on
an unadjusted basis, while tbfe
rest of tiie total was accounted
for hy small-lot orders. .... .

U.S. scare leaves UK unperturbed

WHILE a majority of the U:S.
five-number Consumer Products
Safety Commission is ordering
a ban on the. future installation
of urea-formaldehyde foam
insolation in American homes,
users in the UK are preparing
for the inevitable reaction both
from worried householders and
from competitors using other
materials.

This type of insulation (made
by the installer on site from
three substances- — urea-formal-
dehyde resin, a foa m ing agent
and compressed gas) has been
more commonly used in the
U.S. only in the last five years.
It has been the most popular
choice for insulation in Britain,
however, for 22 years and holds
some 87 per cent -of the market.

The American commission
says that after installation, the
insulation can release formal-
dehyde fumes into the home
and that the fumes have been
jinked to respiratory illnesses
in humans' and to cancerous
nasal tumours in laboratory
rats. The ban will, if allowed
to become law, shave about
$20,000 off the resale value of
each insulated home, says the
American Industry. - -

The bodies representing in-
sulation technocrats here all
say that the American situation
is hardly comparable with UK
practice, experience and long-

UK CONTRACTS

term successes:

Spokesmen for both the
National Cavity Insulation
Association and the External
Wall Insulation Association
denigrate American methods of
application which do not have
to meet the stringent standards
laid down in the UK by the
British Standards Institution.

In the first place, the two
associations argue, the insula-
tion is usually added to timber-
framed dwellings in the U.S.
whereas it is commonly used
here in more traditionally
(masonry or block) built homes.
Timber-frame houses in the
UK generally have insulation
already applied before they are
pot up on site.

Secondly, the timber-framed
structures in the average Ameri-
can Muse have an impermeable
outer leaf and a thin plaster-
board inner lining so that when
the insulation is applied the
fumes do not dissipate quickly
to the exterior but find their
way into the interior of a home.

Quoting from an HMSO pub-
lication which reported on
conclusions from 122 papers
studied by the Health and
Safety Executive Council, tbe
NCIA said: “ There: is at pre-
sent no evidence suggesting
that exposure to formaldehyde
has produced cancer in humans,
nor is there acceptable

evidence for any adverse
effects on the reproductive
system.”

Formaldehyde is used in a
wide variety of consumer pro-
ducts including particle board,
permanent-press clothing,
shampoo and toothpaste. It is
also used by undertakers (for
embalming).

Nevertheless, the Consumer
Products Safety Commission of
the UJS. has placed a ban on
future installations of urea-
formaldehyde foam Insulation,
saying it poses an unreasonable
risk of acute health problems
and possibly cancer. The ban
decision could be upset by the
Senate.

UK’s National Federation of
Building Trades Employers
states that there have been no
problems concerning the use of
urea-formaldehyde foam for
building insulation reported to
the NFBTE.

Since the new regulations re-
garding the amount of insula-
tion in new houses will be com-
ing into force next month,
there will undoubtedly be an
increase in the use of the
formaldehyde foam. The new
Cl-value (heat loss resistance)
for walls will be 0.6 against the
1.0 required by the 1976 build-
ing regulations.

One of the cheapest methods
of achieving the increased insu-

lation demanded in buildings
with the traditional 50 to >5 nun
cavity walls -is by foam filling.
This is going to raise the build-
ing costs on an average sized
house by about £125. compared
with £250 using other methods,
such as thicker blocks for the
internal leaf.

Although the building indus-
try in this country confidently
dismisses the possibility of dan*
gerous fumes being emitted

from properly installed urea*
formaldehyde foam insulation,
there is one area of risk which
the most stringent regulations
and standards cannot cover.

The "cowboy" operator will,
unfortunately, always be with
us, despite the efforts of local
building inspectors. While the
damage to the customer is
mostly nuisance and loss of
money when an unscrupulous
installer makes his foam with
detergent, the mix might well
be more toxic if he gets hold
of unsuitable chemicals, or
makes up the wrong formula. It
is safer to stick to recognised
installers.

£24m office development

TROLLOPE AND COLLS has
begun work on a £24m contract
to refurbish Royal London
House in- Finsbury Square, EC2.

The project, for The Royal
London Mutual Insurance
Society, represents one of the
largest refurbishing contracts
ever let and will incorporate a
number of building innovations
and a great deal of off site pre-
fabrication to meet a demanding
building programme which is
scheduled for 122 weeks.
Development consultants for the
project are Richard. Ellis, archi-
tects are Sheppard Robson.

Just over half the building
will be '. retained with . the
remainder being rebuilt; two
floors including plant rooms will
be added providing over 18,500
sq metres of fully air-condi-
tioned offices.

A new archway entrance from
Finsbury Square will lead to the
central portion of the building
which will take the form of a
large “ landscaped 7 atrium with
quality . finishes including
polished marble and incorporat-
ing three “wall climber” lift*.

The building will also incor-
porate an energy saving system.

controlled from a computerised
operations room and the boilers,
unusually, will be coal fired. As
the scaffolding is taken away,
the external finishes of the
building will be cleaned and
renovated.

Wates win

Wimbledon

development

WATES CONSTRUCTION has
been awarded the £16-5m con-
tract for St Georges Wimbledon,
Commercial Union Properties'
major shop and office develop-
ment opposite Wimbledon
station.

Expected to take 27 months
to complete, the development
will comprise 121,000 sq ft of
net office floor space together
with some 30,000 sq ft of shops
in five units ranging from 2,000
sq ft to 17,650 sq ft. There is
on-site car parking for over 300
cars including a public car park
for the local authority.

It is understood that the office
element will take in one eight-

storey and one four-storey
block. Starting date for the
job is March 1.

£25m orders
for Laing

JOHN LAING CONSTRUCTION
has a contracts package totalling
£25m for work throughout
England and Scotland, ranging
from shopping centres to indus-
trial buildings, homes and leisure
facilities.

In tbe south-east these include
a £2m extension to the Army
and Navy store in Bromley; a
£1.6m fitting-out contract at a
Tesco store under construction
by Laing in Thornton Heath; a
£1.6m reinforced concrete frame
for Bredero in the town centre
development in Epsom; a £lm
Bright Beer building far Watneys
London at Mortlake; and a £0.Sm
fitting-out for British Home
Stores at .Gravesend, where Laing
is building tbe nev 'St George's
Centre shopping precinct

At Oxford Street, l,efcestcr.
333 flats for single people are
to be built under a £5.6m con-
tract awarded by the Du Montfort
Housing Society, and at Queen
Elizabeth Medical Centre in
Edgbaston, a £1.4m cancer

Research Campaign building is
under construction for the Uni-
versity of Birmingham.

Grosvenor Estates Commercial
Developments have awarded ‘
Laing a £2m contract for con-
struction of a new shopping
centre to "developer's shell"
stage at Thombury, near Bristol, j

In the north, a £3.4m contract j
for new offices, a garage and
refurbishment of existing build-
ings has been awarded in
Manchester by British Gas: and
contracts worth more than £2.5m
have been awarded for student
facilities at the University of
Sheffield and for 60 new homes *
and a community centre in
Leeds for the City Council.

A special care unit is to be
provided in an extension to the
maternity unit at Oldham and .
District General Hospital, Lan- <
cashire, under a contract worth
nearly £lm awarded by the
North Western Regional Health -
Authority.

At Dyce in Aberdeen, a £lm
leisure centre is- under construc-
tion for BP at the Petroleum
Development (UK) headquarters
r-urrently being extended by
Laing under another contract,
and at Inrine, Lyndean (Scot-
land) has awarded a contract
worth more than £900.000 for 12
shop units with a parking area.

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HAs Sri Lanka

■ . 1 % "

'.* ■ > ■ ■/ ;

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The not-so-far East

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to

pri

so

If vouVe a long Might East. PIA are the people
akr- the d^tanco seem shorter. Because we take
s'jr j’ inline! cur flights comfortable ana easy-

ui: coir.irstj abOdici seems like coming home.

f / ■ f « .;n‘i Lonfioi » HeasniLAV to Kai achi _
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Anti, once aboard, you can relax and enjoy

the time honoured traditions of the East. And,
above all. the attention that ensures that the
journey, far from seeming too long, seems,
if anything', too short

'Phone yourtravel agent nowfor details
or call Pakistan Internationa! Airlines at
45/46 Piccadilly, London W1.

Telephone: 01 -734 5544.

London’s most
accomplished hotel
adds a touch of Hyatt

The name of that civilised hotel at Cadogan Place has
been changed to Hyatt Cartton lower London, it of course
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world's other first-class hotels. Rest assured that its essential
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Many of our staff have had two decades of service in
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private dinners are handled with skill and care.

The best roast beef in England is carved at the Rib Room.
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Harrods and Sloane Street shopping are only steps away
Corporate offices and the West End theatre are reached in
minutes.

A visitor to London can now enjoy a touch of Hyatt whilst
staying at the most accomplished hotel in town.

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How Ma Bell plans to ring the changes

B . . m i

Paul Betts talks to the chairman of AT&TToIIowing the "anti-trust settlement

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>-.v 'il

CHARLIE BROWN - , the soft-
spoken chairman of American
Telephone and Telegraph, has
been immersed for many months
in the deliberations over
whether to break up the world's
larjest company. But he has
still found time to play an occa-'
sional round of golf- So when
asked to explain how he sees
the future for the dismembered
A T & T. following the
momentous anti-trust decision
hy the U.S. Justice Department
in January- like all swd golfers
he has a story from the links
to make his point.

• “ There is a story about
Walter Hagen, the golfer, who
was known to stay up late ar
night and irahihe occasionally."
he said quietly from the lop of
the telephone company's grand
Art Deco headquarters in the
heart of Wall Street. “Hagen
was in the Anal of a golf match
with a golfer by the name of
Leo Diesel. And Hagen was out
boozing it up until 2 am before
the final day of this match and
his companion said ' Oh. you
better take it easy. Leo is home
in bed.’ Hagen said ‘Yes. but
he's not sleeping.’ I think the
competitors show by their
noises around Washington and
their requests and drives for
legislative protection that they
don't have a whole lot of
expectations that we are going
to be asleep.”

. Ever since The historic anti-
trust settlement whereby AT
& T will now be able to cmer
unregulated data processing
and other electronics business
in exchange for divesting itself
of all its local telephone opera-
ting companies with overall
assets valued at about SRObn.
tbe big question has hecn
whether AT & T will be able
to perform successfully in a
highly competitive unregulated
market place.

Brown, who personally took
the decision In settle the huge
anti-trust case last December,
believes the new AT & T can
take care of itself. “We are not
a fat monopoly. We've been in

THE CHANGING SHAPE OF AT&T?

1981*

Operating Revenues $m

Local service

Service and equipment charges 21,727 Jt

Message charges 2*324.8

Public telephones 862*3

Private lines and other services 638.2

Toll service

Message charges 2 2 , 23 2.7

WATS 4,487.7

Private lines and other services 3,527.2 "

Directory advertising and
miscellaneous 3,002.2

Provision for uncoHectables (589.1)

Total operating revenues - 58,213.8

•From the Latest report and accounts for 1981

( 5 ) ATsT

■

in constant 1982 dollars .

+Ai forecast by International Resource Develop-
ment Inc (a Norwalk, Connecticut, Research and
Consulting Firm)

Operating Revenues

Switched and Leased Voice and Data
Service* ( Interstate )

Packet Switched and Enhanced Service*

Electronic Mail

Information vending
Electronic Yellow Paget
Videotex Services
Paper-baaed Directories and
Information Services

Timeshared Computer Services

Telecommunications Carrier Equipment
Domestic
Export

PABX. Key Systems, Telephones, etc
Domestic
Export

Workstations, Word Processors,
Electronic Filing and Local.

Network Equipment

Domestic

Export

Computers

Domestic

Export

Total operating revenues

1990t

5m

28,000

850

250

2,100

1,500

1,800

900

10,000

4,000

4,500

1,100

2,100

400

59,000

a competitive environment, for
10 years in PBNS and. station
equipment . . . about half of
our marketing organisation in
the AT & T headquarters has
been hired from outside the
Bell iystem. We've been build-
ing up marketing expertise for
a pood many years now.”

Brown also expects the new
AT & T to become a major
factor in world telecommunica-
tions. “Ws were a major factor
50 years ago. hut left those
markets because we felt the
organisation had an immense
job here in the U.S. and we
concentrated on that. The
nature of telecommunications
equipment these days — that is
miniaturisation and the use of
silicon chip technology — means
that manufacturing can expand
wry quickly in so far as
volumes are concerned. We
think we can do that and we
aim to offer good equipment at

good prices.”

The company has already set
up a foreign marketing-
subsidiary — AT&T Inter-
national. In the last two
months, the U.S. telephone
company acquired a 45 per cent
stake in the Irish telecommuni-
cations manufacturer. Telec-
tron. and reached a S146m
agreement to supply South
Korea with its electronic
switching system called ” Super-
switcher.” Although the Irish
deal will give AT&T entry into
the European market. Brown
does not see AT&T about to
embark on an acquisition
spree. “I don't think it is
something we regard as a target
strategy. But we will hot
hesitate to do it where it looks
like it is a good idea — as it
appeared to he in Ireland.”

AT&T is also likely to turn
more heavily than it has done
in the past’ to raise funds on

the European capital markets.
Only last month, the company's
treasurer was in Zurich to
explain the recent settlement.
Brown said the company may
well seek id tap the European
financial markets.

“The bulk of the Sl9bn
construction programme we
plan in 19B2 comes from
internal earnings. But we dn
have 3 considerable need — say
$4-5bn for new capital.”

Brown said he had been sur-
prised by the encouraging
response in Europe to AT &
Ts record $lbn share offering
last year. “We've had huge
issues of AT & T equity over
the years and the response in
Europe has been modest. The
response to the last one was
more significant which led us to
feel that perhaps for whatever
reason — perhaps attractiveness
of U.5. equities — it was a
market which was more fruitful

to- us' than it has been in the
past."

Although the structure of the
world telecommunications
industry has up to now been
relatively closed. Brown is hope-
ful some of the past barriers
in the international market
place jvill break ■ down
eventually. “ I would hope that
the world telecommunications
structure comes to realise more
than it has in tbe past the sense
of a system necessary to make
the flow- of information easy...
we would hope standards will
hecome a help rather than a
barrier to this flow of informa-
tion. European standards arc
somewhat different in some
cases from U.S. standards .in
equipment and Interfaces. This
is nothing hut an unnee tied
barrier and we are taking some
strong steps ourselves to inter-
nationalise our product line sn
that it fits across the world."

Brown, whose entire workinc
life has been spent with the
Bell system, is a firm advocate
of the so-called systems concept
in the telephone industry —
whereby the telephone company
is involved in every aspect of
communications, from manufac-
turing equipment to operating
the various services. One of Ids
biggest regrets concerning the
justice department settlement
was the decision to break up AT
& Ts systems structure. “I think
it is a bad error to break up the
system that has brought the
best telephone service in the
world to this country. It’s an
error without any question
because integration horizontally
as well as vertically is appro-
priate to a telephone system."

Ironically, while the U.S. Is
breaking up the Bell system,
the systems concept is taking
increasing hold of world tele-
communications markets.

Brown claims there is “an in-
clination among PTTs to change^
the way they procure nr the
way their systems operate. I
sense there is a great deal of
concern and effort on the part
of PTTs to upgrade telephone

systems in the world.

Growth, he feels, will overi
come the protectionist instincts
of the past. " These are sharply
growing markets as opposed to
contracting markets ... 2 think
the growing dynamic nature of
these markets, driven by tech-
nology leaps which are not com-
parable to any other technology
leaps In heavy industries, would,
prevent the fencing in of the
industry."

Despite betraying some
measure of nervousness about
the challenges which lie ahead
for the new AT & T — after all
Brown has undoubtedly made
the most far-reaching decision
in the company's history: since
Alexander Graham Bell in-
vented the telephone — Brown
flatlv refuses to discuss in de-
tail’ the new markets AT & T
is likely to enter.

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' Charlie Brown: looking forward to competing with. .ISM

lators and legislators and-ariti-.comiHXter_ tmsiness. Although _
trust lawyers : nervous in that; ATl&T likely to
they feared we bright be sub- a vast : range of i p 5j?25y *
s Wising oompetitiive businesses and 1 Ttew electronics .^ n ‘‘rke .
with moiMifely-orientitted; blisK; Brown - : fhirfjs the ;

nesses and this concern- has battle between ^ 1S
combined .in tihe last 10 yeara - and IBM^has been overstatecL

to inhibit' what . wq could do: ' > TBSI is a ’ fine company . with ‘

“L thin* The prime. - exam pie a capacity.- for data
of this is- the. cellular mobile apparatus .that is un matched
technology;, for .ten. years. we : around the
have had the technology -.which is r iA communications.^ e
permits a quantum leap in ser- notv .competing
vice for the car and other another at "fbe core «
mobile telephones ” . - harnesses; ^ are in compet; ;

. .. tion on thff relative fringes.

The dramatic ■ changes m the Brovm.aaid AT&T- was not in
telecommunications, .and . data the main -frame ' computer
processing iadustrr^.Was un- m iness. “We don't have any
doubtedly the- biggest, facter-in--- ^^ ^ to get into
Brown's deciston to agree to the t «
settlement. “Under fee 1956 .. -

consent decree witii .tfee-govern-- - But AT&T, is
merit; we were ■ automatically paters and the company is now
barred from gettingviato busj-. expected to expand repidl> in

nesses in which our, technology - the. ® man .

could be used.". - . - Whether AT&T vnll go into

At tiie same time -technology “ t mp “^ rs V[ ^'bem

used in the coirunimicatioiris and ,^ at "**_ not . . 5
computer business has" become " oecioea.
indistinguishable - ' one - from- : “-I * think it is -fair to say
the - other. - A - , modem, telei that’ this meshing of computer-
phone switchboard, for example,'- and telecommunications techno*
is in essence a computer capable logy has-, naturally brought all >
of receiving; storing and distrl- computer companies into the
buting data. “The Bell-labs’ini- business of telecommunications,
vented the transistor r same 25 or AnS the need, or the desire, or
30 years ago " Brown explains.' the gd-rantages of distributed

In the past few weeks, there. , intelligence iq. processing has
has been growingf.specnjatloa of ■ bzyughfi communications com-
a major battle looming between. . panies into the . computer busi-
AT&T and iBBl, its. opposite— r . ness.' But this, is not going to
albeit. smaller 'number-r-in . the . b^ Armageddon," says Brown.

*- - .«

Inflamed

“ We get in more difficulties
talking about things we might
do next than in any other way
in the U.S.: this is commonly
known as over-hanging the mar-
ket — when you announce some-
thing you might do, the com-
petitors all get inflamed about
it and start suing you for over-
hanging and allegedly tempting
consumers to wait for your pro-
duct." he says.

And Brown has had enough
of law suits. “We spent about
8360m on the Government anti-
trust suit alone: I don't know
what the total legal 1 bill is.”

So he wtil only discuss in
the broadest of terms AT&T’s,
new markets. He acknowledges
AT&T has accumulated a lot of
technology in the telecommuni-
cations industry which for the
first time will be commercially
marketable. The settlement has
now removed Uhe barriers on
many Bell products.

“ In the Bell telephone
laboratories we have been on
the leading edge of practically
all telecommunications tech-
nology; but the introduction of
competition has made regu-

Multinationals learn to live with fluctuating currency rates

BY ALL accounts, companies
doing international business
have had their work cut out
coping with the problems of
foreign exchange. The sharp
fluctuations in currencies over
the past few years have affected
them especially badly.

The problem could be said to
have started with the abandon-
ment of the Bretton Woods
fixed exchange rates after 1973.

Yet this is not the finding of
a group of specialists who have

just completed a study which
shows that on the whole, multi-
nationals have not only learnt to
live with floating exchange rates
but have formed new tech-
niques and adapted internal
organisation in order to cope.

The study is admittedly
rather narrow: it is based on
interviews with only li) large
UK companies and eight in the
U.S.. as well as the Bank of
England, the Export Credit
Guarantee Department and the

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UK Department of Trade. But
since all the companies are.
major by international stan-
dards, they probably reflect the
broader experience of com-
panies who habitually do busi-
ness overseas.

The study's basic conclusion
is that the switchover to flex-
ible exchange rates has not in-
hibited foreign investment, and
cases of actual retrenchment
are rare. Among the reasons
given for this by the study are
the following:

• Companies involved in inter-
national business now try to
assess the economic risk in-
volved — not just the currency
translation risk which can have
such a big impact on earnings.

• Companies are organising

themselves to monitor and deal
with their overall foreign cur-
rency exposure, usually with
responsibility specifically-

assigned.

• Currency fluctuations have
had less impact than one might
expect on pricing and inventory
decisions. " Leads and lags ”
(bringing forward payment of

strong currencies and delaying
weak) i» often not as decisive as
competitive pricing.

• More predictably, companies
have learnt quickly how to pro-
tect themselves against changes
in currency values by hedging.
Mostly they do this in the for-
ward markets, especially the
Eurodollar markets. Use of cur-
rency futures is insignificant by
comparison, though it could
grow.

• Companies have also learnt
to consider the foreign ex-
change implications of long term
financing schemes and overall'
capital structure.

Financial regulations cf
various kinds — particularly
tax and accounting — have also
influenced the way companies
respond to the foreign exchange
problem.

The highly controversial US
accounting rule on foreigri
eurrericy translation (FAS 8 ) —
which is about to be replaced —
made U5. companies specially
sensitive to parity changes
because these showed up
immediately in quarterly earn-

ings statements, and were often
only paper gains or losses. The
new rule FAS 52 which comes
into force next year shifts the
impact from the profit and Inss
statement to the balance sheet,
which is less eye-catching. So
even though the same sains and
losses will be accounted for.
they may become less worri-
some.

The study makes special,
note of the big role played by
the offshore markets in provid-
ing companies with ways of lay? '

ing off foreign exchange risk or
obtaining forward pricing. It
notes, though, that while com-
panies can readily obtain com-
mitments from banks for six
months ahead, markets beyond
that are thinner. However, the
switch to FAS 52 could allow
executives to make longer range
decisions, and this may result
in a deepening of the longer-
term markets.

The study notes: *' It is
difficult to overstate the import-
ance of these markets in

dissipating the stress imposed
by flexible exchange rates on
multinational corporations and
the banks that serve them. Such
markets are ' central- to jrlsk
shifting . by corporations.”
Because of this, the study' urges
bank regulators to pursue, their
policy of “ benign neglect*'- and
allow offshore markets " to
thrive .unregulated. : ■

. ' * ‘ ■ • ■ ■ • ' ' \ c

* Flexible exchange rates and.
international business- by John
SI. BUn, Stuart' I. Greenbaum
and Doiiald P. Jacobs. Published

by the British-North American
Committee. £3 or $8. The com-
panies interviewed jar the study
were.Boicater, FOREX, BP. CE
Lloyds Bank Intcr-
nfdiainal. Midland Bank, Rio
"Tnifd' "Zinc, Selection Trwsf.
Shell, Wilkinson Match, Ameri-
can'ExpTess International Bank-
' ing Corporation, Chase Men-
■ hattan jJanfc. SjTon.iFMC Cor-.
' porotioTit GB; fU.SJ Inrrersofl-
: Hand,' Northern ' Trust Co..

. OccidentTctrolcum.

. David Lascelles

LCCI

Notice

WHY ENTERPRISING BUSINESSES
NEED TO BE ON THE NEW BUSINESS

REGISTRY

Whether you run a factory, a couple of shops,
a fleet of taxis, the company uses a business
name - or if you are just starting up on your pvvn
account - -we strongly advise you to register the
name of your business and obtain a certificate
of registration.

To take the place of the government's old
Registry of Business Names, which dosed
down last Friday, a new Business Registry starts
work this week.. It covers England. Wales and"
Scotland and is operated by the London
Chamber of Commerce and Industiy in
association with the Birmingham and Cardiff
Chambers and other major Chambers of
Commerce.

■ ■

What arethe advanta ges
of reg istrati on?

It reduces the risk of confusion with similarly
named businesses and rampanies-and
possible legal action. -

■

☆if you are starting upin business, applying
for registration will enable you to find put
whether your-business name is.prohibited
or requires approval. You will also get a -
search of registered company names, trade
marks and registered business names'.

☆ The certificate of registration is designed to .
comply with the display requirements of the
19S1 Companies Act. . ...

☆ Registration is a valuable credential,
particularly when conducting business abroad;

What does it cost?

☆ For existing businesses - £10.00 (plus VAT).

☆ For new businesses; including the name
search report - £1 5.00 (plus VAT).

Do I have to give any confidential details
of the business, and how do I ap ply ?_

No. A simple application form can be
obtained from the addresses below, or by ,i - i
completing the coupon.

| Please send me details of the LCQ Business |

| Registry and an application form. [

j Name j

l Address I

■ ■

j TO: The Registrar, LCCI Business Registry, Dept 3
I London Chamber of Commerce & Indusuy,

| 69 Cannon Street, London EC4N 5AB.

i or Birmingham Chamber of industry &

I Commerce, P.O.Box 360, 75 Harbome Road,
j Birmingham B153DH

or Cardiff Chamber of CommerceSlndustry,

1 101-108 The Exchange, MountStuart Square,
j Cardiff CF16RD.

J

WOULD YOU TAKE A RISK WITH AN UNREGISTERED
- BUSINESS YOU'D NEVER HEARD OF?

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To put yourmoney into building
projects ^ ^Ttbouttalanginto account .
totfey^ volatile energy scene is to
court financial disaster

You should consider proteding
yourinvestment in bricks and mor-
tar by ins taffing an electric heat
pump JBdcause it works on dedri-
dtyto provide acamjfetable environ-
ment, there are noneof the usual
worries abtxit fn&ire energy suppEes.
It is also extremelj 7 economical
This is because, whea usedfor
heating, an electric heat pomp
acfciaHy produces around two-and-

cons tones. It does tMsbyxecover-
ing heatfrom inside andoutside tbe

bteMcngthat, in n ormal o rmmsfqp -

ces^wouldbelosb ....

• Soto arddendin g a p wlfl i : : ”

voyfaige, very^ wbite^radrupedal -
pechydermsonyour doorst^j, -
ether send offthe coupon, or con- '

. tactBeo^Hough^tteHeat 't?r
Fuir^) and Air Condfiai^gBurean’
on Freefone2282. 1
fiecanthen giveyoiimore .
information and expert advice on
what could well, turnout to be the ! -"i
bestinvestm^tyoubaYe ever ■ ' :

17; ■ . .■S'wiA/ \ i f "

~ IwopMhfe'mtEBesited ^ iaqy facts ' •

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■ Wf only). 9.08 Pnr sZu
vCgUegw. -10.00 You and Me’

pm For &5LJ5!-

fi'« 3 Wr Af, «N°™

LOT Pebble Mrfl at One. LiS
^OJbenwtk Green. *01 For
Wioors. Colleges. looiS

SSn.S h ; s N Cooker >- <w

*” negional News for England
.texeept London).

School <3 P, Kle Dlxg

US Jaekanory. 4.40 Scoobv aid

■ Scrappy Dcq. 5.00 John Crivlb?
Ncwswmnd 5.05 Blue Peter.
S«S5 Ivor the Engio.^

5-40 News-

Regional News Magazine.
Nation wide.

Doctor Who starring
Peter Davison. B

Bret Maverick starring
James Garner.

Panorama reports on the
battle in Fleet Street
News.

Love Story: Alexa by
Andrea Newman; serial in
four parts starring Isla
Blair.

Police: Inside Thames
Valley Constabulary
(Traffic).

Film S2 with Tina Brown.
News Headlines.

A Knight at the Opera:
portrait of Sir Geraint
Evans.

6.00

6.25
6.55

7.20

8.10

9.00

9.25

9.55

10.40

11.08

11.10

Chris Dunkley: Tonight’s Choice

ie 2 ^ aVe muc b the strongest schedule. Forged Papers

■ a aocumemary which traces the story ot.fivse Britons -who
the war years .in the south of France for one reason or
iTi “Opmg to evade the authorities. Forged Papers were
/TkIv™ ^ a X? id 31T est, hut Gerald Hakim ebdedL up in solitary
co™nemeflt, Dorothy Cham aide’s husband was arrested, Taffy
nrgginson was imprisoned above Monte Carlo, and Lady
Henderson was sent to Ravensbruck.

. . J s Let « this week's title for “ Not the Nine O’clock News "
wiicn is proving to be the first BBC programme for many
years actually to annoy some viewers: about 'time too. Horizon
goes to the remote villages of t-he Burma/ Thai land border to
investigate the use of Depo Frovera, an injectable contraceptive
effective for up to six moreths. In the U.S. there has been fears
it could cause cancer, and Horizon asks if there’s one 'set of
etiure for the West and another for the Third World. (For

anyone with doubts).

LONDON

LONDON

9.30 am Schools Programmes.

12.00 Cockleshell Bay. 12.10 pm
Rainbow. 12.30 That’s the Way.

1.00 News, plus FT Index. 1.20
Thames News with Robin Hous-
ton. 1.30 About Britain. 2.00
Money-go-round with Joan Sben-
ton end Tony Bastable who
investigate consumer problems
and offer advice. +*30 Monday
Matinee: “The Fallen Idol.”
starring Ralph Richardson. 4.15
Dr Snuggles. 4J20 Graham’s Ark.
4.45 Murphy’s Mob. 5.15 Mr and
Mrs.

Ruritania and English law

6.40-7.55 am Open University.

10.35 Speak for Yourself.

11.00 Play School.

1L25 Play it Safe!

1L35 Write Away.

2JM pm Long, Short and Tall
stories.

3JB Maths Help.

2.40 Other People's Lives.

3.05 The Computer Pro-
gramme.

3J0 Business Club.

1*55 Star Movie: “One Touch
of Venus,” starring Ava
Gardener.

5.10 Ayer at Eton.

t5.40 Laurel and Hardy in
“One Good Turn.”

6.00 Maggie.

625 Mr Smith’s Favourite
Garden..

&59 News. Summary.

655 Riverside. .

725 Forged Papers.

8.15 Marti Caine.

9.00 Not The Nine O’clock
News.

925 Horizon.

10.15 West Country Tales.

10.45 Newmigbt.

11.30-12.00 midnight T616-
. montage.

5.45

6.00

62S

635

7.00
720

8.00
820
9.00

10.00

10.30

12.00

1225

News.

Thames News with
Andrew Gardner and Rita

Carter.

Help! with Viv Taylor
Gee.

Crossroads.

Nature Watch.

Coronation Street
Dead Ernest
World in Action.

Hill Street Blues: Daniel
J. Travanti in “ The
World According to Free-
dom."

News.

International Snooker.
WKRP in Cincinnati,
am Close: Sit Up and
Listen with Wynford
Vaughan Thomas.

t Indicates programme
in black and white

All 1BA Regions as London
except at the following times:

ANGLIA

1.20 pm Anglia Mows. 130 Monday
Film Marines: " Who'll Save Our
Children? " (TV movie). 5.1S Univer-
sity Challenge. 6.00 About Anglia.
6-30 Movie Memoriae. 12.00 Supereur
profile (David Niven). 1220 am The
Chap Next Door,

BORDER

1.20 .pm Border Hews. 2.00 Rim:
'■ The Comanchfl ros. ,# starring John
Wayne.- 3.46 Money Go' Round. 6.15
Bygones. 6.00 Lookarotinri Monday.
6.15 The Sound of . . . Lome Dallas.
6.30 Mr and Mr*. 12.00- Border News
Summary.

CENTRAL

1.20 pm Central News. 2.00 The
Monday Screen Matinee: " Madame
Sm/' starring Bette Davis, Robert
Wagner and DenhoJm Elliott. 3.45
Money- Go- Rounds 6.00 Central News.
12.00 Central News. 12.06 am Some-
thing Different.

CHANNEL

T-20 pm Channel Lunchtime News,

What's On Where and Weather. 2.30
The Monday Matinee: ’’ You Can't Win
'em All/’ 5.15 Emmerdale Farm. 6.00
Channel Report. 6.30 The Two of Us.
10.28 Channel Late News. T2JXS News
end Weather In French.

GRAMPIAN

S.25 am First Thing. 1.20 pm North
News. # t2~30 Monday Matinee: OK for
Sound." sta/nng The Crazy Gang.
6.00 North Tonight. 6.30 Country
Focus. 12.00 North Headlines.

GRANADA

1-20 pm Granada Reports. 230
Monday Matinee: Michael Craig in "The
Iron Maiden.” 6.15 Dick Turpin. 6.00
Mr Merlin. 6.30 Granada Reports. 9.00
Quincy. 12X0 The. Shadows in Concert.

HTV

1-20 pm HTV News. 12.30 Monday
Matinee: A Stitch In Time/' starring

Norman Wisdom. 5.15 Diff’rent Strokes.
6.00 HTV News.' 1028 HTV News.

HTV Cymru /Wales— As HTV West
except: 12.00-12.10 pm Fiel&halam.
a T4-420 Mr Magoo. 4.45-5.15 S fir.
6.00 Y Dydd. 6.30 Report Wales. 7.00-
730 Dead Ernest. 8 M Prifddinas-

Cynvu Fu. 9.00-10.00 The Groan, Green
Baize.

120 pm Scottish News. 2.00'Mondey
Matinee: ” Rampage/’ starring Robert
Mitchum. Jack - Hawkins and* Elsa
Martinelli. 3.45 Money-Go-Round. 5.15
Emmerdale Farm. 6.00 Scotland Today.
6.40 Crimedesk. 12.00 Late Call.

TSW

1 JO pm TSW News Headlines. 2.30
" You Can't Win 'em AN/' starring
Charles Bronson, Tony Curtis and
Michele Mercisr. 4.12 Gus Honeybun's
Magic Birthdays. 5.15 Emmerdale Farm.
6.00 Today South' West. 6-30 The Two
or Us. 10.32 TSW Late News. 12.00
Postscript. 12.06 am South West
Weather and - Shipping Forecast.

120 pm TVS News. 12.30 Monday
MBtinee: "The Lady Vanishes/ 1 star-
ring Margaret Lockwood and Michael
Red q nave. • 5.15 Radio. . 5.30 Coast id
C oast.' -6.00 Coast ‘to Coast (con-
tinued). .6-30 Emmerdale Farm. 12.00
Superstar Profile: Gregory Peck talks
about hra-lile and career. 12^0 am
Company/.

TYNE TEES

9.20 am The Good Word. 9.25 North
East News. 130 pm North East News
and Look around. 2.30 Monday Matinee:
11 The Virgin and, the Gypsy.” starring
Joanna Shimkes and Franco Nero: 5.15
Happy Days. 8.00 North East News.
6.02 Mr and Mrs. 630 Northern Life,
with Tom Coyne. 9.00 Briefing. 9.30
Give Us a Clue. 10.30 North East
News. 12.00 Being with God.

ULSTER

120 pm Lunchtime. 12.30 Monday
Matinee: ” The Lady Vanishes/’ siar-
nng Margaret Lockwood, Michael Red-
grave and Paul Lukas. 4.13 Ulster
News. 5.15 Radio. 5.30 Good Evening
Ulster. 6.00 Good Evening Ulster. 6.30
Mr and Mrs. 9.00 Counterpoint
Special: ” Political Forum— Part 2.”
-m.29 Ulster Weather. 12-00 News at
Bedtime.

YORKSHIRE

,1.20 pm Calendar News. t2^0 Mon-
day Matinee: “ The Lady Vanishes/'
starring Margaret Lockwood, Michael
Redgrave and Paul Lukas. 6.00
Calendar fFmley Moor and- Belmont
editions). 6.30 It’s a Vet's Life. 9.00
Quincy.

IF THERE is a dispute over an
international contract, the first
thing a judge or arbitrator
must decide is which law
applies. In order to solve a
conflict of law English judges,
about 100 years ago, developed
what is known as the doctrine
of thq proper law: you apply
tb&t legal system which the
parlies choose and if no such
choice, express or implied, is
evident from the contract, you
apply in England the legal sys-
tem with which the contract is
most closely connected.

No serious criticism of the
effects of that doctrine has ever
been' made, and its application
and development in practice
are among the great contribu-
tions made by the English
judiciary to farteroaAronad rela-
tions. Because the solution of
conflicts of law requires great
flexibility) the development has
been judge-made almost every-
where.

However, for reasons which
are difficult to understand and
impossible to justify, the Com-
missi on of the EEC, some 10
years ago, concluded that the
law applicable to contractual
obligations of an international
character should be unified by
statutory rules. It drafted a
“ Convention on the Law applic-
able to Contractual Obligations”
to which, towards the end Df
1981, the British Government
added its signature.

It is, therefore, appropriate
to warn a wider public of the
danger that the' UK may ratify
this Convention, from which
this country cannot possibly
derive any benefit and which,
on the contrary, could cause
much damage.

The Convention is riddled
with technical shortcomings
which introduce artificial prob-
lems and unnecessary uncertain-
ties, but the fundamental and
readily comprehensible objec-
tion lies in the fact that the

Convention would substitute
the strait-jacket of statutory
interpretation for the flexibility
of judicial (or arbitral)
derision. Experience has shown
that in this field flexibility is
more strongly required than
anywhere else. This may be
illustrated by a brief look at the
manner in which Article 3 pur-
ports to give effect to the par-
lies’ freedom of choice. That
reads : “The choice must be ex-
pressed or demonstrated with

provision of the Convention to
which British litigants abroad
may be exposed deals with
mandatory rules. It gives the
court the power to apply the
mandatory rules of a country,
tbe law of which is not applic-
able to the contract but with
which the “ situation" (as
opposed to contract) has “a
close connection.”

This spells disaster to English
trading interests. Famous
English decisions have estab-

THE WEEK IN THE COURTS

BY DR. F. A. MANN

reasonable certainty by the
terms of the contract or tbe cir-
cumstances of the case.” Does
that allow for an implied agree-
ment?

According to the convention,
where there is no choice in the
sense of Article 3, “the contract
shall be governed by the law
of the country with which it is
most closely connected”
(Article 4). That would be un-
exceptionable if there were no
presumption “that the contract
js most closely connected with
the country where the party
who is to effect the performance
which is characteristic of the
contract has, at the time of con-
clusion of the contract, his
habitual residence, or, in the
case of a body corporate or
incorporate, its central adminis-
tration. However, that presump-
tion does not normally apply to
a contract for the carriage of
goods (a term including single
voyage charter-parties) or
where the characteristic perfor-
mance cannot be determined.
Every word of the provisions,
which for present purposes have
been summarised, is unneces-
sary, troublesome and even
dangerous.

Probably the most dangerous

lished the almost universally
accepted principle that if, for
instance. A in Ruritania has

promised to pay a sum of
sterling to B in England under
a contract governed by English
law, nothing the law of
Ruritania does can relieve A of
his obligation. Thus, a Ruri-
tanian moratorium or exchange
control or embargo does not
afford a defence. The new pro-
vision allows the court to do
the opposite tif it thinks it
right. If the Government
decides to ratify the Conven-
tion (which, let it be repeated,
ought not to happen), it should
at least make a reservation in
regard to Article 7.

The Convention also provides
that where the parties have
chosen a law and “ all the

other elements relevant to the
situation at the time of the
choice are connected wit-h one
country only,” the mandatory
rules of that country cannot be
excluded. Thus if A in London
buys from B in London
machinery imported from the
U.S., the contract may be
“ connected with one country
only.” But it would be -quite
contrary to business practice
If English mandatory rules

were to prevail in derogation
of the law qf New York which
the parties may have chosen
for good reason.

In defence of the Convention,
it is sometimes urged that it
would do little harm in
England, but would reform
foreign legal systems, thus pro-
viding those who have to
litigate abroad with a greater
measure of security and
certainty.

There is, however, no
evidence that English litigants
have been frustrated in foreign
litigation as a result of foreign
rules of private international
law. They are, as has been
pointed out, largely identical
everywhere. Such small
differences as exist should
induce foreign legislators to
modernise their -own laws.
They ought not lo compel the
English legislator to distort his
own law.

The Convention applies
world-wide. It applies not only
to a dispute between an English
and an American merchant, hut
also to one between a Brazilian
and an American merchant,
which happens to come before
an English court or arbitrator.

Its implications, therefore, are
immense. Its effect upon the
laws of the Commonwealth, in
particular, will be far-reaching.

Worse still, on signing the
Convention, Britain declared
herself ready “to examine tbe
possibility of conferring juris-
diction in certain matters on
the Court of Justice of the
European Communities ” fn
order to “ prevent differences
of interpretation.” The Com-
munity is known to be keen on
expanding its powers and it is ,
a fearful thought that the
interpretation of the Conven-. ■
tion should be left to ' u
Luxembourg.

Dr F. A. Maim is n solicitor
of the Supreme Court in
London and Professor of Law at
the University of Bonn.

(S) Stereophony broadcast
. t Medium wavs

RADIO t

G.00 am A s Radio 2. 7.00 Mika

Read. 9.00 Simon Baiu. 11.30 Dave
Lee Travis. - 2.00 *ni Paul Burnett. .-3,30
Sieve WyjQht. 5.00 Andy Peebles. 7.00
Stayin' Alive with Andy- Peebles. 8.00
David Jensen. ' 10.00-12.00 John

Peel (S).

RADIO 2

5.00 am Ray Moore fS). 7.30 Tefry
Wogan (S).' 10.00 Jimmy Young (S).
12.00 dona Hunniford (S). 2.00 Ed

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5.45 News; Sport. 6.00 Jan Learning
(S). 8.00 A Salute to St David (S).

from the Fairfield Halls. . Croydon, in-
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Desk * 10.00 Monday Movie Quiz with
Ray Moore. 10-30 Star Sound with
Nick Jackson.* 11.00 Brian Matthew
with Round Midnight. . VOD un

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Truckers* Hour (5). 2.00-5.00 You and
the Night and the Music (S).

RADIO 3

'6.55 am Weather. 7.00 News. 7.05
Morning Concert (S). 8.00 News. 8.05
Morning Conceit (continued). 9.00
News. 9.05 Tins Week’s Composer:
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11.15 Viola and Piano recital (S).
12.05 pm 8BC Scottish Symphony
Orchestra (S). 1.00 News. 1.05 BBC
Lunchtime Concert (S). 2.00 Matinee

Musicals (S). 3 05 New Records (S),
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# H. 7.00 Aspects of the Blues. 7.30
St David's Music Week: string Quarter,
recital, from Broadcasting House,

Cardiff. Part 1: ; Haydn, Daniel Janes
8.20 The Woman (S). 8 .35

Recital Part 2: Mozart fS). 9.10
Limericks. 9.30 St David's - Music
'"-i* <S). 10.30 Jew in Britain (SI.

11.00 News. 11.05-11.15 Nadia

Boulanger and Dinu lip am.

■ ■

RADIO 4

6.00 am News Bnehng. 6.10 Farming
Week. 6.25 Shipping Forecast. 6-30
Today. 8.35 The Week On 4. 8.43

Miles Kington delves into the SBC
Sound Archives. 8-57 Weather, travel.

9.00 News. 9.06 Starr the Week with

R-chcrd Baker (S) 10.00 News. 10.02

Money-Box. -10-30 Daily Service 1045
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Down Your Way visits Heacham.
Norfolk. 11.50 Poetry Please! 12.00
News. 12.02 pm You and Yours.
1227 Semi-Circles. 1255 Weather,
travel, programme news. 1.00 The
World at One. 1.40 The Archers. T!S
Shipping Forecast- 2.00 News. 2.02
Woman's Hour. 3.00 News. 3.02
Afternoon Theatre fS). 4.35 Scene
from a Bridge. 4.45 Story Time.

5.00 PM; News magazine. 5.50 Ship-

ping Forecast. 5.55 Weather, pro-
gramme news. 6.00 News, including
Financial Report. 6.30 Just a Minute
15). 7.00 News. 7.05 The Archers.

7.20 Start the Week with Richard
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9.00 Indeed to Goodness! Patrick
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idiom. 920 Kaleidoscope. 9-53
Weather. 10-00 The World Tonight.
10.30 Science Naur. 11.00 A Book at
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Tonight. 1120 -Today in Parliament,

12.00 News.

RACING

BY DOMINIC WIGAN

CHINA GOD, the .Princess
Royal Handicap winner last
year, and those high-class
performers. Apple Wine and
Holemoor Star, are among the
runners for the renewal today
of the Doncaster Hurdle. Town
Moor racegoers should see an
exciting contest.

The betting will cover a wide
range because also in the line-
up are Derek Kent's erratic but
talented Grey Mate, the versa-
tile Chris Thornton six-year-old
Path of Peace and Alan Jarvis's
improving Prince Bat. ■

The likely outcome is a win
for China God or. Prince Bai.
The - former ran his best race
in a long while when he kept

on to finish fourth behind
Broadsword, Secret Ballot and
No Bombs in the City Trial
Hurdle at Nottingham last
month.

Prince Bai is also on the
uperade. having recently given
nearly two stones and a com-
fortable beating to Keswich at
Huntingdon. An ex-French
'geldine from Paus's prolific
Chantilly stable,' for which he
showed himself to he a useful
middle-di stance Derformer on
the flat. Prince Bai mav be the
answer of bottom weight.

It was on the corresponding
programme a year* ago that he
accounted for 15 opponents in
the Askem Main Novices
Hurdle.

At the other venue today,
Leicester, all six races are
hunter chase events. Cheekio
Ora — which notched a uuick
hat-trick of wins at Nottingham,
Hereford and Ludlow last

spring — has surprisingly been
left in the Thrusters Hunter's
Chase over two miles instead
of being saddled for the 2i-mile
Melton Hunt event. An ex-
tremely useful hunter chaser
on his day, but one who has
only been racing over consider-
ably longer distances for some
time Cheekio Ora need not im-
prove much on the form which
saw him chasing home Tommy
Joe at Wetherby last month to
account for some moderate
opponents.

Mr MeUors should be the
chief; beneficiary of Cheekio
Ora’s absence from the Melton
Hunt race. A top-class hunter
chaser for several seasons, this
brown son of the Ascot Gold
Cup winner Principice Wood, Air
MeUors won his third race from
seven starts last season when
he defeated Cheekio Ora at
Cheltenham. Sure to be the
better for a recent run, Mr

Mellors can get back on the
winning trial by giving 12 lbs
to Lord Dawson, which was dis-
qualified after coming in first
here last season when traces of
nandrolin were found in his
system.

Grittar, the third horse in as
many seasons to secure the
Cheltenham and Aintree Fox-
hunter Chase double last
season, did well to finish only
2i lengths behind Cavity Hunter
in the Whitbread Trial at Ascot
recently. It will be a shock if
Grittar cannot repeat his
triumph of a year ago in the
Trinity Motors event, in which
he has only two rivals.
DONCASTER

2.30 — Gay Chance

3.00 — Pennine Derek*

3.30— Prince Bai**
LEICESTER

1.45 — Cheekio Oro

2.45 — Grittar

3.45— Mr Mellors***

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BRACKEN HOUSE, CANNON STREET LONDON EC4P 4BY
Tetegrams: Fmantfmo, London PS 4. Telex: 8654871
Telephone: 01-2488000

Monday March 1 1982

The limits to

■

profit-seeking

C THE developing wortd the
lulUnationaJ company ls no
■nger the fashionable villain
was in the mid-1970s. A
?riod of slower economic
rowth and deteriorating terms
f trade have heightened the
rtraction of the jobs, the skills
nd the export earnings which
jch companies can provide.
The Reagan Administration,
i its enthusiasm for free enter-
rise and free markets, is pre-
imably encouraged by this de-
elopraent — we certainly are.
et there is another strand in
ie Reagan Administration's
hilososhy which, if taken too
^r, might endanger the trend.

Vrong

The de-regulation of business,
nd the removal of unnecessary
lureaucratic controls, is in gen-
ral a healthy development. It
aakes a refreshing change from
he attitudes ten years ago,
vhich took economic growth for
granted and focused too much
ipon the potential of industry
o do wrong. But in the inter-
tational context the change is a
rickier one. The potential con-
licts of interest between multi-
lationai companies and host
rountries are real and cannot
lightly be dismissed in defer-
?nce to free enterprise.

A recent case in point is an
investigation by the U S. Securi-
ties and Exchange Commission
into the Citicorp M parking ”
case, in which New York’s
largest bank stood accused of
using its worldwide foreign ex-
change network to shift profits
from high tax to low tax
centres.

The matter has rumbled on
since 1978, when an employee
of Citibank first alleged that
such transfers were taking
place. The results of a three-
year investigation by tile SEC
now allege that Citibank trans-
ferred at least $46m m profit
from European financial centres
to Nassau in 1974-78 under a
scheme approved by the bank’s
top management
The question of transfer pric-
ing — the prices at which a
multinational company sells
products from one subsidiary to
another — is a well-worn source
of accusation against such com-
panies. The “right” price is
very often impossible to define;
but such an argument holds less

water in the case of currencies
where there is generally a clear
market price available.

Despite its findings the SEC
decided not to take legal action
against CStcotp. This was prob-
ably the right decision. Citicorp
has already endured a good deal
of public embarrassment over
the revelations. It has changed
its ways and made payments to
European countries which lost
tax revenues because of the
transfers.

Yet the reasoning behind this
decision by the SEC leadership,
as revealed in SEC internal
documents obtained by the New
York Times, was questionable.
It would be worrying if it re-
flected the attitude to multi-
national companies of the ad-
ministration as a whole.

A senior official of the SEC
felt that a company which vio-
lated tax and exchange control
regulations wa 5 not necessarily
a bad company. The SEC felt
that rt was reasonable for a
company to pursue the most
profitable course and that a
comp a ny should not feel con-
strained to reveal harmful
information about its opera-
tions.

Such an attitude sounds odd
coming from a Washington
agency which has been putting
pressure on the Swiss banks to
reveal the names of investors
who may have been using Swiss
bank secrecy to hide from US.
“insider dealing” laws.

Flourish

The U.S. law enforcement
agencies can reasonably argue
that it is up to the govern-
ments of host countries to
ensure that foreign-owned com-
panies comply with local rules
and regulations. But these
governments are entitled to
expect backing from the U.SL
just as the U.S. expects their
co-operation in return.

The Reagan Administration
is pressing foreign countries to
provide an environment in
which private enterprise In
general and U.S. companies in
particular can flourish and
make profits. If this objective
is to be achieved, the freedom
to make profits 'has to be
tempered by sensitivity to the
laws and customs of host
countries.

Britain s ports
ask for help

BRITAIN’S financially troubled with employers in the statutory
ports ore entering another labour scheme, and are spared
crucial phase in the eventful compulsory redundancies under
history of their industrial rela- the Aldington Jones agreement
tions. Both employers and the which followed the 1972
G o v erm netn face hard decisions national dock strike,
and have little room for What is needed is a more
manoeuvre. flexible system both on reguJp-

The number of registered ^working practice:

jV.vL tn icnno throughout the ports. This may

fSS^STOOO in 1967 The require replacing statutory with

<rf Pori voluntary joint regulation, per-

EmptaSrs- mb£ 3 haps thn, “* h ft '

three to five years, and some
■i .WO more job losses among the
registered workforce, will see
the end of most of the structural
cnfinzss csuspd by containerisa-
tion and the shift in trade from
west coast ports to the south
and east.

Stable

The reward fra* successful
handling of this phase could be
a financially stable industry,
with more flexible industrial
relations. Failure may result in
more crises following those
which have necessitated state
aid fDT London and Liverpool —
or a confrontation with the
dockers.

The association is asking the
Government for financial assist-
ance for the ports belonging to
the national dock labour scheme

join council and committees.

The delicacy of achieving
major changes by agreement
with a suspicious workforce
leads most port employers to
reject as unhelpful both t*£
General Council of British
Shipping's proposal for a
government inquiry into the
scheme, and the pressure from
a minority within their own
ranks for a more aggressive
line.

Most employers believe that
the industry must build on joint
regulation. Although some
dockers still put up a foolish
fight to retain restrictive prac-
tices — as in the bitter dispute
at Tees Dock — the TGWU has
not obstructed recent sever-
ances. Rash action now could
risk costly confrontation with-
out relieving ports of the
already acquired burden of

to help with further redundan- J3** surplus labour ***

cies. This may involve another r ^^ < ^^ v paynie “ ts ‘ .

special voluntary severance . rff ^\f rs r ^F lsy 1 2£ u ^ e

arrsn cement changes to the scheme. Tbesnr

"5ff Q^eroment has so far F™ “ extend it and

aided only the Port of London

Authority and the Mersey J*rt? at *L of industrial

Docks and Harbour Company. “J does

But the Association says that **

the scheme ports collectively il^? r ^ < ^L! 50 S lt o ries r~

hare no money to pay for fur. ??_ 1976 Dockwork Regula

OIL PRICES AND THE BULMam

* • m t A. v i" V ■

for Sir

By Max Wilkinson, Economics Correspondent

- ■ t

T

HE BIG drop in oil prices
now m prospect has
thrown the C ha ncellor’s
Budget arithmatics into some
confusion. But, for ail that, it
is good news for the UK
economy.

The problem now for Sir
Geoffrey Howe, the Chancellor
is that it substantially limits
the good news which Eg will
be able to announce on March
9.

OS is so widely used in
industry that the immediate
effect of a price reduction like
the one that has been gathering
speed since January is similar
to that of a tax cut It reduces
industry's costs and raises
profits; it dampens inflation and
applies a gentle stimulus to the
UK economy. In torn exports
can be expected to benefit from
the general recovery of world
trade resulting from cheaper
oil: and industry would wel-
come any downward pressure on
sterling because it would tend
to make British exports more
competitive.

Unfortunately, however, the
Chancellor cannot take any
credit for the effect of an oil
price reduction and it has sig-
nificantly reduced his room for
manoeuvre on March 9. He has
some influence on North Sea
prices, but world prices are out-
side his control In essence,
there is now. in the Govern-
ment’s view, less money to “give
away” — the world oil market
has stolen his thunder.

However, the Government's
anxiety does not stop there as
Mrs Thatcher made clear in an

Brmw ffodovk*

austere speech last Wednesday.
No-one can be sure how far
prices will fall if market forces
eliminate Opec’s power to set
the price of off. The effects on
the UK Government’s revenue
might then become serious.

On the basis of the recent
price of $35 per barrel of crude,
the Government’s total oil rev-
enue in the nest financial year
(April 1982 -March 1983) was
expected to be about £Sbn. This
is not far short of the figure

a ■ ■ m — t ■

not easy.., pot least because of
the -uncertainty about the
exchange rate.

A steady fall in the oil price
would - benefit, the balance of
payment# of oil importing
countries ;Hke. West Germany
and. sterling utight be expected
to fan against those currencies,
.and probably also against the

dollar. ,

. .This would tend to offset the
original price reduction' since
oil, which Is priced in dollars,
would, be made more expensive
in sterling terms by a fall in
the exchange rate.

As a - rule. 6t . thumb each
T per cent devaluation of
.sterling would i ncre ase the
sterling values of UK. oil taxes
by about -£60m.

In' a recent computer simula-
tion of the effect of a $7 fall
in oil prices to $28 this year,
the London Business School
suggests the faff in the ex-
change rate might be about 1J
per cent compared with what
it would otherwise be.

UK output would' be boosted

annual interest on the National ture is scheduled to be £115bn anxious in case the unforeseen

Debt. On previous price assump- in 1982-83). By comparison, a turns of the wheel of fortune _

tions, o-ti revenue could be small adjustment to the interest could have muc h mo re damag- by about 0.3 pbr cent lea by a
about twice the size of the paid on the National Debt ing effects on future reserves. 0.5 per cent increase in exports,
whole .public sector deficit by could easily add £5 00m to the it is this as. much * as. the and ■ the increase in public
1SS5 borrowing requirement short term effect on revenues borrowing would be some

A $6 art in oil prices could Between 1980 and 1985 the which tras moved him: to" the £500m. A further $4 cut m
reduce Government tax re* annual volume of North Sea oil cautoous endofthe nangeost op- the. oil price in isssco^u, oy
v enu es from the North Sea by production is expected to have tions which, he was considering- 1984, produce an ^ extra 1 per
about £1^5bn in a full year, but increased by about 60 percent It now looks- as if the total of. cent growth in UK output,
a number of beneficial side while Government oil revenues his tax cutting . and . other By 1984-85 on these assump-
effects would probably bring the were predicted to increase about measures will .be worth little tions, public borrowing woffla
net cost, in terns of total fourfold in current prices to more than .£1 bn, an amount be increased by about £4bn. m
Government borrowing to much about £18bn In 1985-86. smaller than the average error spite of a devaluation of

for the whole of the public less, perhaps only £400m to With such large stakes laid in forecasting the borrowing re- sterling of a taut 7 per cent

sector borrowing requirement £5 0Qm. This is relatively small out on the green baize of the quirement, against .the. dollar compared

expected for the year and rep- in terms of the total world oil market, it is not sur- Indeed, forecasting the wider .with what it would otherwise

resents about two thirds of the Budget arithmetic. (Expendi- prising that. the Chancellor is effects -of the oil price falls is have been.

Why the oil companies want to

THE DRAMATIC fall in oil m unls t world supplies. If members. This is why Tran is of oil production may not be a duty, a. tax on revenue rathe* hope?— that Opec will meet tn
prices just as North Sea pro- Britain was a member of the now finding its so difficult to bad thing, particularly as the than profits, was introduced at mid-March' and take steps to

(taction is approaching its peak Organisation of Petroleum attract buyers, even after re- country has already become uW the beginning of lari: . year as a restore some order to market

must appear a cruel and iron- Exporting Countries (Opec) it during its price $4 a barrel self-sufficient in fuels. By pro- means of, creaming off for the supplies and prices. In the

leal coincidence to a Govern- would be vying with Venezuela below the reference level for during less now the oil industry Government some - of the' longer. term increased economic

meet which had been relishing for the second spot behind Middle East crudes. - is deferring the (fey when the benefits of the price rises which activity, triggered by the latest

the prospect of tug increases Saudi Arabia, the leading It is also one of the reasons country returns to being a bad occurred in 1979 and 1980. round of price cuts, should

in oil taxes. producer. why UK ofl companies have major importer of fueL So far “Surely, with prices falling, we result in more demand for oil.

After all. so much of the But unlike some members of adapted their refineries to pro- the industry has produced only are not going to have a windfall Even in the midst of the

North Sea develoDment has Opec the UK has not been cess a higher proportion of 365m tonnes of the 2_2bn to losses tax,” esdaimed one chief present market turmoil, one

been made possible only by the forced to cut output by a lack home-produced, light crude ofi. 4£bn tonnes of oil which the executive. leading oil company was jester-

big rise in energy prices which of' buyers. Quite the opposite. A few years ago— before the Government believes will There can he no doubt that day forecasting that prices

followed the 1973 oil crisis. Production this time last year North Sea era — UK refineries ultimately .be recovered from the recent fall in prices has would still rise by an average

was less than l-8m b/d. Out- were operated on a mix of the UK Continental Shelf. caused trouble for the industry- of 2 to 5 pet cent annually

put this year should average crudes dominated by the But that is little comfort to and the Treasury. The reference in real terms over the next 20

2m b/d and reach a plateau of heavier grades. The reverse is Mrs Thatcher, the Prime Minis- price of North Sea crude has years. Others have produced

2.3m b/d in 1984. true today. ter, as she contemplates a dropped from $39.35 to. $85 a projections to show that prices

The oil companies have their The Government, or at least General Election within the barrel since the start of- last will fall — possibly even in

own reason for wanting to the Treasury, is also keen to next two years. She was hoping year. Oil companies— partlcu- nominal ' terns— during the

maintain output even at a time see North Sea oil production that North Sea revenues would larly refiners — say -that spot next decade,

of failing prices. They need the continue rising. Quite simply, make it easier to provide the market signals show that con- - The uncertainties arising

cash flow to cover past and the country needs the oil electorate with : ar . mildly tract retes^hould be -.uearer : $31*--f ft) ^j r vti ies e two extremes of

over' $20 — for every barrel of future investment in the North revenue. reflatiow — tihus pleasing — a barrel, British Nation al Oil views, together with industry

oQ recovered. And that is be- Sea- As it is, the Government will on March 9. Corporation, . under .pressure qualms about future taxation

fore companies consider their Having had so much of their receive much less revenue dur- . As Budget Day approaches, from the Treasury, will try to policies, are causing North Sea

retain on investment and oil-producing assets nationalised ing the 1980s than it might have oil industry • executives are o&tazzz a North Sea industry companies to review their

Government taxes. In contrast, or taken under control of hoped a few years ago. Operat- beaming noticeably more agreement for a new reference investment plans. In general

the production costs of some governments m the Middle tag problems and delays to field restive. They have urged the level of around $33-$33.50 a the industry feels prices would

Middle East fields can be mea- East, Africa and South development projects hav e flat- Chancellor to reduce the overall barrel..- have to fall substantially below

sured in tens of cents per America, oil companies see the tened the profile of future oil ' level of taxation, now geared to Where prices go from there $30 a barrel to make North Sea
barrel. North Sea as one of the few output In 1979. for instance, take an average of some 85 per is anyone’s guess. The industry, production an uneconomic nro-

And yet, paradoxically. North important areas of the world the Energy Department was pro- cent of net income. takes the view*-albeit a hesitant position. The cut-off point has

Sea producers are part of the where they can still find, jeering tha- This year’s output Hopes of a tax cut are fading one— that' North Sea prices are yet to be defined As the head
reason for the present slide in exploit and produce crude on wwdd be running at between fast There is even speculation unlikely to drop much lower, of a UK exploration and refin-

prices: the worldwide glut of a strictly commercial basis. 2.3m and 2.8m b/d rather than within The industry that because although they expect Middle ing comnanv commented- ■« w-

oiL In recent weeks prodne- These companies will produce the 2m b/d that now looks of fatting oil prices — and thus East producers to fall , more in J e

tion from British fields has and refine their own assured likely. revenue — the Government will line with some further reduo

risen above L9m barrels a day, supplies in preference to the In terms of Britain’s overall retain its temporary Supple- tions.

about four per cent of nco-com- uncertain exports of some Opec energy balance this lower rate mentary Petroleum Duty. The • Companies believe — or is It

Britain’s offshore oil fields are
among the world’s most expen-
sive to exploit Even a medium-
sized find can involve a capital
investment of well over £lbn.

As a result the capita 2 and
operating costs, measured on a
present value basis, can run to
more than $10— in a few

are being swept along
uncharted waters.”

m

Ray Dafter

IVTeim & Matters

bon Act requires it to do, albeit
with no time limit. As in so
many other industries, the
dockers have to be persuaded
that their interests lie in an
efficient. financially viable
industry rather than one which
limps from crisis to crisis.

Doubt

Whether more assistance from

(.her large-scale redundancies.

There are no profits and no
easily realisable assets. The
payroll levy to the National
Dodk Labour Board -through
which employers finance re-
dundancy payments raised
£I2.3m last year. Employers
argue that it barely covers
present interest charges and
capital repayments, a nd the
cost of new severances still public funds will contribute to
working through the system, this objective is open to doubt.
There is littie scope for increas- The Government will be dian-
ing the levy further. dined to help the ports out of

As for changes in dockers’ problems v.lu'rti have been com-
ermployment conditions, most pounded by special job protec-
employers are taking a con- tion rights given to workers
dilatory but quietly ambitious with a history of militancy,
line. They hope that the K the employers’ case is to
present cautious talks with the make any headway, they wifi
Transport and General have to deatmstrate, first, that
Workers’ Union in a working the threat of impending finan-
party of the industry's national rid crisis is genuine and there
joint council will, once the is no other way of resolving it,
financial question, has been and, second, that the ports are
sorted out, turn into an overhaul doing everything in their power
of The unrts’ exnensive and in- tn nut their own hnirces in

Sparrow on
the wing

“I have at present what may
be described either as an opes
or an empty mind about the
job. ” says John Sparrow, the
mild and bespectacled merchant
banker who is to head tne
Central Policy Review Staff, the
Cabinet Office “ think tank. ”

But Margaret Tftatchert
choice of the London personnel
chief of Morgan Grenfell for
the post surely points to what
she expects from it

During the past cocple of
years, Rob'n ibbs — now pre-
maturely recalled to I Cl to
rroi'bf e-shoot for the incoming
Social Democratic chairman
John Harveyjones — has
sharpened the CPRS into an
instrument of industrial
analysis.

The Prime Minister’s demands
on him have been mainly for
examinations of such narrowly
specialised areas as British
Raii electrification. Government
relations with the nationalised
industries. De Lorean, and tele-
communications.

All the indications are that

football club is not on the baJL But the annual servicing
Martin Spencer, who combines charges, which ■ amount to
his role as senior partner in several hundred million dollars.
West End chartered accountants are proving too much for the
Casson Beckman with that of Hunts, who remain fabulously
chief executive at Chelsea FC. wealthy but have most of tbedr
has for months been forecasting money tied up; in oil coal,
grave financial problems for ranches and other things that
football clubs. are not convenient for paying

In November, for exsnple, he - bank debts. .
was telling the Central London And with silver and oil prices
branch of the Institute of Cost ■ weak, can yon understand why
*nd Management Accountants Bunker. Herbert and Lamar
that the game was heading to- would prefer more time to pay
wards a crisis. Gates were fall- rather than cashing in some of
lng, income from an increas* their assets.

Lawyers and bankers after a

jftS S . weekend huddle down in Dallas

a** nmf reported to have found
transferred for nnreahsbc fees. a ^ lo stretch the repayment

Without much apparent effect, period. As they say. in banking
Spencer has constantly circles, when you owe a dollar,
reiterated the message at special you are a debtor.. When you
Football League meetings. owe a btition, you own the bank.

He predicts that before tong
we shall see a smaller league,

more ground sharing by dribs. Oil tfl© SC&Ilt
and perhaps even government w own*

support for refurbishing the The sudden reluatajice of their
grounds. “After all, other Alsatian tracker dogs to sniff
sports get public assistance," he - out the city’s c rim i nals puzzled
says. Vancouver police far some time.

But even then, he adds, by Squad oara would arrive at
1986 the number of football toe scene of a crime; the dog-

It remains to be seen whether dubs in London could be handlers would leap out with

Sparrow will develop similar under Sparrow's direction, the reduced from the present 13 to their charges— and the dogs

work by the “think tank” on "think tank" will regain the perhaps three or four. would snuffle disinterestedly

specific financial and commer- buoyancy that it once enjoyed It will be interesting to see tor 20 manures or so

rial issues. under Lord Rothschild. The vphat happens at Hull now. “tore giving

a -uTOontant retn 32 ^OS has kept it SUb-

to do so with short papers on
interest rates and the rest of
the financial scene.

Spencer, **, called m by CM-

3taj£d£ MirSS the oudfly water.-ifW.ML KB? “Se’StlS SSSS'
GraSfell. After Mreinl in the 'The hroai. long-term tievr is pwMems-fimndeHy, it least

in
oats

corporate finance and invest- took oE the whole range of
ment departments of the bank. G:-ver:;ir,ent policy seems to
he was responsible for Jong- fcrre fiven a narrower and
term planning. f^rufi^tteried f 0:115.

Tally-owe

sums. “ Acidic gases,” say fee-
police, “are seeping into. fee
dog's reeroeat compartment and

shinning tfmkr fllfaawry m gang ”

“I am accustomed to spend- xt rpuarentiv is doing little 11 k Hunt brothers of Dallas Ttay are now considering
ing a reasonable amount 01 time work op social problems, nor is «ewn to be having another spot -Putting the dogs into gas.- masks

thinking about Morgan Grenfell it as active as it once was in of bother with their finances, preserve tfceSr sense of smell

and its future, he says, macro-economic stsveys. Sven But the local bank managur is white ^ the Nations! . Research.

Useful experience for bis new *f ft cannot recapture its early being understanding. CotmcS- works on the problem,

role. And what, no doubt, led entrepreneurial zest, there are * ^ " ■ ' ■ - ' : * ' — : - '

the bank to pick him to pro- many who would like it to show ms v

vide Mrs T with advice on City a little more ambition. may recaU ' 016 TeMBS

matters when she turned to it

for help as Leader of the Oppo-

sities.

^narrow’s function then, he Soccer blues

edanamcfiSTd fbonodscene.

anGxasBentkfec r

iiAEfrafia

K'» «

( iimmeiT£prtidjstry

:ri: •upvj-V-

lost a dollar or two playing the • LOW OOt0S

silver market and, with the help - ^ 4

of the Federal Reserve . Board, £5: *5^

had. to pul -together a .quick bank.-:. Ham^roed.”

loan of ?l.lbn to tide them ««aHy Hantooapped. ... -

60^60802*6/629.

c* -iUiaif.-;. ■ *

a

s

n

111

I

If

V

•!

!■

ri-

ic

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v

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1 1

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_ _ . 1 .

11

THE ARTS

by MICHAEL COVENEY

general mood it generates is pool. Turning to his religious

nlav hw 7 - — * , r™ 11 iL B^neraies is pool. Turning to ms religious

a**?- Wonderful. Andy Greenfield’s adviser, ■ Erpingham drily

*Orton, seen in a atM . wonuenui. Ani

follow™ v««J splendid design, with its palm remarks. “I hardly think this

:■*» following year it ft* b«v*j Wltt its

.Court. :set in a Ff. 65, b ™ 100 stocks and painted is the answer to falling congre-

imp. it was *”>Z ^SKf-”,

F " equivalent of The Manflow's awful “ Copacabana.** Neil Cunningham's superbly

■ - cam ?ed-coats man the aisles, shak- suave and supercilious Erping-

'TiotiiK camnera tstwoh ine aisles, shak-

StaT T R toS B8 SJSSg£ • SSL ■««! .«• taurines

■•SSrtBrtB hS. S? “I?, "£“«*» framHi-DeJW
cost, Erpingham, while Backhouse flourishes a

■*?*** ’One of the red coats has

ham is the key factor in the
show's ultimate success. As the
camp falls under siege, he dons

rfaooed a huetAxsiJr pair of dentures that belong to beret and military camouflage

58E2LL F—nt his unknown father. “ "

saHnrnnanf uujvuuwh sauier. and turns up Vera Lynn on the

P®wmpant in a screaming com- The idea for the teeth may gramophone. - In one particu-

«i a ., been pulled from Loot; I ally hilarious and climactic

rare, ni5 2LSSr^ eei L® we ? a ‘ ** for a lost parent is sequence, an old red-coat is
JaJwL ^^ sOffngCfver by winter taken from What the Butter compelled to wear the dentures;

“ “ “ but there is a surprise denoue-

ment and Erpingham inflates to

-u-, — i , c - _ . — despite its epigrammatic bril- alarming proportions before

lrK V^~ on w t^ken up liance, is an imperfect text for disappearing from view,
wjchttie estabtefaneot of a new the stage, and Mr Dosser mar- ■ This was my third visit to
in wtoeh. a ferocious shals all this scenic and inter- the Playhouse under the new
Ba V ;1)ouse (Andrew polated resources to deliver a regime, and it is as much a
his tom .cat second act of irresistible apoca- relief as a pleasure to see the
m usi c ^ steadily undermines lyptic grand eum. The patrS’s company hitting something like
Erp inglham's _ vision . of wtuie- sermon on the Gaderene Swine true form. There is still too
£ome entertainment taking over, is submerged in a company nun- much indulgent mugging, of
this world and possifoly the nest, her (“ Do the pig. oink oink ’’) which the silly programme
A- lot of this material; is of and strip sequence with all on biographies are a depressing
an indifferent quality, . but the board diving into the onstage symptom.

Drawing by Jeremy piyon of his proposals for the new Tate Gallery coffee shop

Architecture

A tryst at the Tate

Covent Garden

Bryony Brind

by CLEMENT CRISP.

by COLIN AMERY

Arts, Cambridge

Taming of the Shrew

, by MICHAEL COVENEY

This fast. mid extremely
enjoyable production by
Bichard Cottrell is the sort of
work ‘ the Cambridge Theatre
Company does best The show,
recently returned, from the
Hong Kong Arts Festival, goes
on the road again after two

! -

weeks in Cambridge to Aberyst-
wyth, Darlington and Harlow.
The . full text, with the Sly
Scenes- wittily incorporated
from Pope’s edition; Js~ given a
marvellous internal clarity and
bristles with happy ensemble
invention.

Saul Radomsky’s design is a
.timbered ' Warwickshire ion,
with a glimpse of buBrusbes
outside the front door. The
induction establishes Chris-
topher Sly as an awkward
regular customer who becomes
the butt of the Lord and bis
hunting party on the arrival of
a troupe of players. Roger

Hume makes of the boozy
tinker, a wonderful participant
. in his own dream, which indeed
hath no. bottom. He finally
nods off just as the . comedy
reaches. its tenderest- moment,
with Petruchio and Kate
embracing in the street This
is well prepared by the lovers
sitting aside to -enjoy the brisk
farce of the Vincentios and
Lucentios.

As a comedy of confused
identities,- the evening works
beautifully. However unpalat-
able audiences since Shaw's
famous dismissal have found
the play on the page, Mr Cottrell
demonstrates its perennial
appeal in the theatre. And the
final submissive speech,
-delivered by' June Ritchie’s
spirited, slightly comic opera-
style shrew, is given an unequi-
vocal sarcastic edge. The main
point, though, is that Petra chio’s
brutal tactics of killing hris wife
with kindness axe as much a

u

performance” as are bis

opposite number’s histrionics
As with Beatrice and Benedict,
the comedy is really about two
people engaging each other's
affections by exploiting the
worst in. their respective charac-
ters. This is likely to prove a
more solid foundation to a rela-
tionship- than the -insipid, mer-
cenary nature of Bianca's
arranged marriage.

Terence Wilton is a brisk,
virile Petruch-io, Andrew- Hilton
a fine silly ass Hortensio, and
Brian Hayes a splendidly rapa-
cious, slhpitly dim Baptists. The
company “feel” of the produc-
tion shines, through the excel-
lent work of Stephen Jenn as
Lucentio and Timo-thy Turnbull
as Biondello. And there is a
superlative dying fall, with Sly
returned to his former status
and the tapster suddenly awake
to his worm-turning potential as
he faces up to the formidable
hostess of Brenda Peters.

The Tate Gallery is the place
to go for modern art The
current exhibition of recent
acquisitions shows that it- is
becoming more careful and
more catholic than perhaps it
has been in recent years. The
Tate will soon be the place to
go for modern architecture. In
this field too the trustees and
the director have shown an en-
lightenment and spirit rare in
institutionalised cultural estab-
lishments.

The new dorq wing which
will house the Turners will soon
start rising to the designs of
James Stirling. He has produced
a design that is refreshing and
original and it is going to be
controversial and stimulating. It
is much to the Tate's credit that
they have boldly given this
important commission to an
architect who is more greatly
honoured abroad than he is in
his own country.

Apollo

The Housekeeper

by MICHAEL COVENEY

Given the c u r r e nt thriving
state of American play-writing,
it is a complete and utter
mystery to me why Shaftesbury
Avenue should turn up this
utterly tedious emotional pat-a-
cake between a Brooklyn father
and son and a prospective
female housekeeper. Has no-
body told them about Shepard,
Weller, Babe, Hebe, or Mamet?

The only conceivable justifi-
cation must hare been a ster
part for Leo McKern of the
rmnpoled' demeanour and
gravelly voice that -sounds as
if marinated in port for the
past 10 years. There lie sits,
as the curtain rises, looking
for aH the world like a beached
whale who fans lost his sense
of direction and forgotten the
smell of the sea. After 39 years
of marriage, he is lately
widowed and bothered by a son
who has come across from Long
Island to either put him in a
home or hire a help. The very
test applicant for the job is on
her way. She turns- out to be
an ex-nun and, more relevantly,
Dad’s ex-lover.

This leads to a- variety of
shifting liaisons between the
tiro which possess neither very
much interest in themselves nor
even a nriPjmad -element of
excitement -abbot ft* respective
territorial claims.,

The nun. Fiona Thomas, has

been transformed into a dirty-
mouthed slut (it is alleged)
given to dressing up in sexy
underwear and willing the old
boy on to feats he would now
be happier to forget. The son
fakes an exit and hides behind
the stairs to witness a little
hanky-panky on. the sofa. Mr
McKern enlivens this episode
by ^posing himself on his own
walking stick after diving for
Fiona's crotch and pursuing her
up the stairs to the marital bed
■with a bail of four-letter words.
I -suppose a geriatric faction in
the! audience might interpret
ft 4s as either an ‘ encouraging
call to arms or a naughty brush
with the oflhBroadway avant
garde. I detect an attempt to
ensnare both reactions and
Frank D. Gilroy’s calculation on
both counts leaves me cold.

The play suggests several
things: that the aged are sus-
ceptible to .carnal urges; that
the discussion of sex between
father and son is a cause of
mutual embarrassment; that
offspring, are lining up at the
door to catch out their sires and
deposit them in institutions be-
fore retiring to pick up on lives
of . . respectable, materialistic
banality; and that Leo McKern
should be -giving performances
elsewhere of great parts that he
here occasionally conjures, such
as Faistaff and Lear.

Clive Merrison and Connie
Booth make up the cast and
Tom Conti's soporific produc-
tion is full of such excruciating
business as father aud son
locked in a handshake that
stiffens into .an incipient arm
wrestle and in which resides
the struggle between the gener-
ations. A real lulu.

The Tate have gone on from
this imaginative decision to yet
another. They have asked one
of our leading younger archi-
tects, Jeremy Dixon (who won
a limited competition), to
design a new coffee shop. It is
to be built in the same rather
drear basement area as the
present coffee shop, and thus
presented the architect with a
difficult challenge he has
resolved brilliantly.

Who is Jeremy Dixon and
why can he be described as one
of our leading younger archi-
tects ? It was 10 years ago that
he won, with, his wife Fenella
and architect Edward Jones, the
competition for a new county
hall for Northampton. He estab-
lished then a belief in buildings
as part of a monumental tradi-
tion with a design for a glass

pyramid set in a. landscaped
park.

Monumental may be a mis-
leading word but Dixon uses it
himself. Xt does not mean that
the Northamptonshire scheme
was massive and dominant but
rather that the formal elements
of the design, the metaphorical
content as well as the relation-
ship to the landscape, gave the
building an historical context
as wen as a strong presence.
Alas these are hollow words —
the competition winning scheme
was never built because of
economic stringencies and this
radical . design remains on
paper.

Dixon was not .deterred and
now he is successfully building
imaginative private bouses and
teaching at the Architectural
Association. His work has been
exhibited abroad and it m pos-
sible to see one of his built
schemes in London in St Mark’s
Road, North Kensington.

Here he has designed narrow-
fronted traditional London
street houses. The street
facades are gabled and deapra-
tive to associate them with the
rich vocabulary of the surround-
ing Edwardian streets. The
use of porches, bay windows,
pyramid-topped gate posts and
gables not only - relates the
houses to the neighbourhood but
produces a geometric com-
position that is dose to the
Dutch town houses of Haarlem.
Strongly emphatic right angled
elements involve the passing
pedestrian — you cannot ignore
the presence of these houses
Xu his design for the Tate Gal-
lery coffee shop Jeremy Dixon
works from the same principles.
He looks first of all at the exist-
ing space and the whole spirit
of the surrounding building,
and relates his ideas to the

nature of the place. The main
space is in fact way beneath the
main dome of the Tate and
Dixon reminds us of this "by
creating a circular, axially
placed ceiling above the centre
of the coffee shop.

Four curved tables on a sub-
stantial scale reflect the quad-
rants of the ceiling above. The
ceiling itself is reminiscent of
the shallow saucer dome in the
Breakfast Room at the Sir John
’Soane Museum in Lincoln’s Inn
Fields. Following that noble
example Jeremy Dixon has his
light source from behind the
ceiling and reflects the room
itself with convex mirrors set
into the ceiling. In the centre
of the room is a monumental
piece of furniture which is also
a fountain. From this point
the four openings through the
Victorian engineers’ barrel
vaults can be seen, on each axis.
In the corners of the room are
four mirrored alcoves. A great
bonus is the additional circular
room that the architect has con-
jured out of a storage space.
This will be the trysting place
at the Tate for years to come . . .

The new programme at the
Opera House, which comprises
the Shades scene from La
Bayadtre and The Two Pigeons,
offered impressive new casting,
and a horrid accident to Wendy
Ellis as the heroine of Pigeons,
on Saturday night Miss Ellis
had started the hallet delight-
fully, a bright and very appeal-
ing girl who drives Wayne
Eagling, the young Painter, into
paroxysms of loving exaspera-
tion. Rosalyn Whitten had
just entered in a blaze of tem-
perament and flaunted charms
as a vivid and alluring gypsy
when Miss Ellis slipped and fell.
(The cause could have been a
stage made slimy by the daffodil
shower that earlier greeted
Bryony Brind and' Nureyev
after Bayadtre). She picked
herself up and danced most
bravely on, but was soon un-
obtrusively replaced by Lesley
Collier, wbo was watching the
performance.

The interval brought the
report that Wendy Ellis had
broken a wrist, and Miss Collier
completed the ballet in fine
.style. Despite this unnerving
cast-change Wayne Eagling, in
his dfbut as the Painter, showed
a heart-strong verve to his
characterisation and bis danc-
ing, matched by the swift foot-
work and luscious provocations
that made Rosalyn Whitten, an-
other debutante, so tempting a
gypsy.

Her Romany chums are a
raggle-taggle crew, hut what a
good and enduring ballet this
is. Gentler than. FUle, its detail
and sensibilities less extrovert
in statement. Pigeons is no less
rich dance invention, and sure
in its perceptions about the joys
and decits of first love.

The particular skill of the
design works, on another level
-When you are sated with the
splendours of the pictures this
room will rejuvenate your
senses by its ceol, purely archi-
tectural qualities. The colotas
will be those of earth and stone,
there will be the gentle splash
of water and the furniture will
have a permanent solidity about
it. Looking through the arches
pairs of trees in tubs will add
definition to the spaces and the
plenitude of mirrors will add
dimensions that will conquer
the restrictions of the original

space.

Howard Brentoa to

read -The Romans^in

Britain’ • on tour

WSgmore Hall

Fitzwilliam Quartet

Howard Brenton, author of
The Romans in Britain, is to
read this play as a narrative on
a four-week national tour. He
wll visit Oxford Playhouse,
Newcastle Playhouse, Glasgow
Citizens’ Theatre, Liverpool
Playhouse, Cambridge, Wolves
hampton, Birmingham, War-
wick, Derby Playhouse, North-
ampton, Nottingham, Milton
Keynes and Leicester Phoenix
Theatre.

The tour’s purpose is to pre-
sent the play so audiences can
judge it for themselves, and to
make clear that it is not banned,
proscribed or in. "-any way
"illegal” because of the forth-
coming action by Mrs Mary
Wh.itehouse against Mr Michael
Bogdanov at the Old Bailey on
March 15.

A Saturday-evening recital by
the Fitzwilliam Quartet would
usually fill the Wigmore Hall.
But there is nothing as certain
as a hint of enterprise in the
programme betiding to keep an
audience away, and so it proved
this 'weekend. The hall was
barely half full for a Fitz-
william concert which did not
fall back on the conventional
in a single particular. Even the
Haydn that began the evening
was the elegant pair of move-
ments that are all he lived to
complete of the D minor
quartet Op. 103, gracefully
turned by the Fitzwilliam on
this occasion.

Thereafter followed Paynter,
Verdi and Borodin. John
Paynter’s . . . et quart was
commissioned by the Fitz-
william last year to celebrate
the composer’s 50th birthday. A
programme replete with quota-
tions from T. S. Eliot’s Four
Quartets suggested that we

were in for a prickly study in
the philosophy of the passing
of time, the natural preoccupa-
tions of a man entering his
secodd half-century. But . . . et
quart turned out to be a
straightforward set of variations
on the six-note figure heard at
the very start of the work. The
cogent variations run continu-
ously for 12 minutes in an un-
varying, quick tempo, relying
only occasionally on repeated-
note figures or ostinati to pro-
vide the linking thread. Written
in a blameless extended tonality,
the string quartet is idiomatic-
ally used; but what the work
lacks is a single decisive
musical idea, something to grab
the listener’s attention and to
keep it

Both Verdi’s E minor and
Borodin's first quarters are
Inexplicably neglected. The lack
of interest in the Verdi is
especially puzzling, for as the
Fitzwilliam demonstrated if is
full of strong ideas, -tightly

worked. The Quartet responded
beater to the power of the outer
movements and -the bounding
fugue of the finale especially
than to the slow movement (a
shade less interestingly inflected
than it might have been) and
the scherzo (lacking some
delicacy). Borodin’s first has
inevitably been eclipsed by the
popularity of his second quartet,
and certainly there is not the
wealth of singable tunes in the
earlier work ripe for plunder
for the Broadway stage. There
is instead a much more intricate
construction and greater emo-
tional depth; the stow move-
ment especially Is a fine, pro-
found meditation, precisely
counterbalanced by the scherzo
and trio, all sweetness and light,
-which follow it The Fitzwilliam
played the work with evident
enthusiasm, and one looks for-
ward to their recording of both
Borodin quartets -with gr e at'
interest.

ANDREW CLEMENTS

In the opening Bayadere,
Bryony Brind. partnered by
Nureyev. gave a first interpre-
tation which indicated how
much we have to expect from
this outs tandin g young dancer.
With her -long, slender lambs and
supple back. Miss Brind offers
a beautiful and individual physi-
cal instrument to the dance. She
has a classical style which is
sBghtly at odds with some of
the genteehsms of the Royal
BaSet manner — at moments she
looks more like a Leningrad

artist — and nothing should be
allowed to curtail the expansive
ness of her movement (she has
a tendency to hasten or over-
emphasise the ending of £-
phrase because her musical
Intelligence tells her that ttrere
is not enough time to permit her
line its natural fulfilment). Her
manner is light, wonderfully
clear, and she already disposes
of a strong technique.

Her entry as Nikiya, and the
subsequent duet, were imbued
with the right seriousness —
Nlldya a spirit forgiving Sol or

his infidelity — and despite some
awkward and tense double-work
with Nureyev, the style-atmo-
sphere of the act was well estab-
lished. Miss Brind’s decision to
stress the bravura aspect of the
succeeding variation can be
excused as youthful pride in her
very real ability, but this, like
the relentless grinning by the
Shades in the allegro finale to
the scene, reduces an incident
of romantic imaging as ecstatic
and mysterious as the wiilis*
scene in Giselle, to the mindless
level of the Don Quixote pas de
- deux.

Yet whatever my carping.
Bryony Brind is an exceptional
artist. She needs the refine-
ments that only come from bal-
lerina coaching, and the example
of some great guest ballerinas,
necessary for the development
of our artists as for the illumiua- .
tion of the repertory and the 1
delight of -the public. What Miss
Brind and the entire cast also
deserve is playing far superior
to the leaden, routine rum-ti*
tummery provided by the orche-
stra under John Lanchbery: the
score can sound — as the Karov
has shown — -vastly more like
music.

In the trio of Shades soloists,
Ravenna Tucker, dragonfly light
and exquisite, and Fiona Chad-
wick, expansive and exultant,
were joined by Deirdre Eyden.
with her beauifui arms and
grand maimer. These are
dancers of admirable distinction,
prospective Nikiyas all

As a coda, I must stand cor-
rected about my use of the
adjective renoersee last week to
describe the arabesque which
brings on the Shades. This is,
correctly, an arabesque allongee.
Mea culpa.

Elizabeth Han

Brandis Quartet

by DOMINIC GILL

Six years ago the leader of
the Berlin Philharmonic,
Thomas Brandis, joined with his
feUow-Philharmoniker Wolf-
gang Beottcher and the distin-
guished vio-lin and viola
respectively .of Peter Brem and
Wilfried Strehle to form, a new
string quartet The debut was
by all accounts a sensational
success, and the following sea-
son the ensemble twice filled the
2000-seat Philharmonie in Ber-
lin. German critics announced
that the nation had suddenly
acquired, almost overnight as it
seemed, a third string quartet
of international calibre.

The Brandis’s London debut
yesterday afternoon was there-
fore both a pleasure and a
disappointment— a very real
pleasure at hearing for the first
time an ensemble of such tech-
nical distinction, mixed with
disappointment at hearing per-
formances which were neither
quite so vivid nor so individual
as the heralds had suggested.
They began with Debussy’s
quartet, which showed off
straight away their most notable
feature: a big, luscious sound
of almost chamber-orchestral
richness,, carefully and subtly
grained, splendidly weighted by
the unusual warmth and full-
grown sonority of Strehle’s

viola. The interpretation itself,
though, was curiously dry:
never cold, but prosaic in its
impulse; never faltering, but
never quite unified in its
lyrical drive. The Brandis dis-
covered -Debussy’s notes — or
most of them: in the first two
movements, tiny, vita] dovetails
were consistently smudged —
without discovering more than
a fraction of their eloquence
and heart

Their accounts of Haydn’s D
major quartet op. 20 no. 4, and.
in their second half of
Schubert’s 14 Death and the
Maiden,” were on the face of
the- music hugely, accomplished,
bright, clean and finely tuned.
But at the time same time every
measure of the performances
seemed to me — powerfully sub-
jective response, difficut to sub-
stantiate — to speak of schooling
rather than instinct, of solid
rehearsal rather than the very
stuff of the performers’ bones.
The great climax of Schubert’s
first allegro seemed not to spring
organically, but somehow to
have been manufactured, from
the score. The set of variations
was offered serenely, but with-
out joy. An impressive debut
in many ways: but 1 have heard
many recitals far- less good
which touched me more.

uinr, s ass itn. cwgit oi* i m

ssunw 0731. CfP.Wtw M9 30#2J
«U 3962. (SAB ThWS *

■ Mai 1 3 preu) Evn 7-30- Thun & Sat
3.0. Thir W ij ONL Y. NIM
Rove substitutes tor Trsw Sw. CHILD-
REN OF A LESSER COD.

DHlUtr LANE. Thcitr* Royal. CC ns
S10L THE PIRATES OP PENZA NC
Open* fctvr* May 26. Box oftet nm opmk

iujBwvcH. s sn wt ee its eass

fl 0-6. Sat. 10-4). h— 836 5332. ROYAL
HWCUnAltE COMFAirrWCHAUIL
Ton’t 7 JO pm..LMt prt LARONDi:

aa^isrsjssjg^. ss

Onn 01-426 67S&> Racord Mb- 01-426

DUCHESS. S and CC 636 6243. Evas 8
Wed STSW and 6.30. RICHARD

TODD. Derm Nesbitt and Carole
Mowlam In THE BUSINESS OF MURDER.

DUKE OF YORK'S. 836 5122. CC 836
9837. Group sales 370 6061. Evw
7 AS* ht price mat Thor*. Sat S A

a. 15. s Dm Callow & Patrick Ryocart in
J. p. Donlaamrs BALTHAZAR.

AMBASSADORS, 6M _£ 17 Ji -*=-

-376 BM. TMi £U0.

64. L3< 6" -MaSS Ttu 1 ' fc

- Sat 5. ROSEMARY HARRIS. DAVID

Swift; m chSm* crow road hv
H elm HJtnff.

GARRICK. CC 636 4601. Eves 8: Mats
wEd STSatS 6 6.1 1th HYSTERICAL
rl AR OF THE LONGEST-RUNNING
COMEDY IN THE WORLD. IJWSae
please — WFRK BRITISH. Directed fav
Allen Davts. Group sales Box jpftct 379
6061 • Credit tan toouno* *so <*73i.

LPOLLOp SHAFTESBURY AVL CC 0HJ7
7163. LEO MtitKKW jgJMJWg
KOTIK (nr FFMIK P.

MWriton & Cimri* Boatli. Ojr. toy 'Tom

Cmi. Ew 1.0._Mat» to* Sits Si
Grow

GLOBE. S CC 437 1502. 439 6770-6799.
PASS THE BUTLER. The new comedv hit
VyErte Idle witfl WILLIAM RUSHTON.
JOHN FORTUNE. MADGE RYAN .and
PETER JONES. Moo-Thorr 8.0. Fn A
Set LO & L4S, Group sales bun office

379 6061-

iw SftM 61-379 6061.

i

. VICTWUA.

SOUND OP MUSIC PfTULA CLARK
(iff 7407 Max. W*J 6 .*•***%'

phone- Post-SAE . ^P6CIAL HOTLINES

01*824 *#*3.6-7.

BOOKINGS 01-894 ' ■JMtjMgf
DATA Cflitstatt 24 CradK

ftookinn 01-260 0200. GROUP

GREENWICH. S « 01-656 7755. Ere^
Imsa 7. 45. Mat Sat 2-50. SEASON**
G REE TINGS by Allan Ayckbourn. Mist
jute Saturday- From March 10 Edward
WwflSrd la Sartre's THE ASSASSIN.

IS 01-379 B06T.

,+Md

VSS"82i SWn’Vjreis

HAYMARKET THEATRE ROYAL* 930
9832. Cm 7 * 30 . Mat Wed 2 . 30 . Sat 4.0.

SBwUk KEITH. ANTHONY QUAYlLt.

TRKVOM PEACOCK In -HOBSON'S
CHorcr* a cwncdv by HaroH Brian ousa.
Plwctad b» WgjMW tf«-

htwi JMi jwigjtow

v t «. Twaifrt at r.»W
' - ‘UB mi- TkUh ffpn £2.50« Party

; b£S oTi3*Z379. T.IndtotU 01-200

HSR MAJESTY 1 *. 930 6606*7. CC 930
4025*6* Group salei 379 6061. E* 7-30.
Sat mats LO* FRANK PJNLAY AMADEUS
by pcTIDt SHAFFER. Directed by PETER
HALL.

agLgggA. S BIS 3I01- .Cg .«9. S2S0;

m NATIONAL OWL ¥£■*■-£?}
MANOM. TIWW. S** 0-00. THE
TING DUTCHMAN.

KINGS' HEAD. 22B 1016. Owu Ton’t.
OmrB.30 * S*vj fTM. WjjEwDn r7.

6. IN PRAISE OF LOVE by Terence
Rattloaa. ^

THEATRE,
cam .boo*i

7B.

— »MVS

IN4 V* mwli- OU NN.

EKffiress

Wted at 9 fid La Bayadere* The

' ** S* Ft 7M

LONDON

u rrMAfl CRAWFORD IA Vhft Broadway
Mrtrt lAWIUM. CW 7-30- W«1

£*e 2.45. IMP tftc Barnaul Hotline
OVW U5L 0H3*. tar
crrHi erd mW»8 «*■

SSSSk.” wSpsmms and txc

MAN. —

•30

« 4M 3662- «»
Lai To ivto 1*5'

r cwT pay*

«|1:

araa&w.

WON'T rAYl

TtoN’CJWrtf- CprctAL 1
7,10- 56* 6.0 ■ »

j&TjHfC . Marca L AN j

“so * *.is. EDDINGTON In

grooior eiwD sat: Ew ** ® PJJJ*

WHCM THBRE IS DARKNESS v»lth
AbMIPB Waller.

MERMAID TH. S Bfackfrfary. EC4. 01-236
5568. S CC 01-236 5324. Eves 8.0-
Fri & Sat 5.15 6 8.30. ALEC McCQWAN
la THE. PORTAGE TO SAN CRISTOBAL
OF A.H. Adapted by Christopher Hampton
from Georpe Steiner's novel.

NATIONAL THEATRE S 928 2252.

olivier (open state): Tent. Tomer Clew
price PPM). 7.15 GOVS AND DOLLS.
LYTTELTON (proscenium Btaoo): Last 2
Parts Tont. Tomor 7-45 TRANSLATIONS
by Brian Frlcl. . .

COTTESLOE (small auditorium — Tow price
tfctt): Tent. Tomer 7.30 SUMMER new
elay by Edward Bend.

Rastanranc 926 2033. Credit card bless
926 5935.

NT 4IISO St HER MAJESTY'S.

QU BEATS. 5 CC 01-734 1166. Group
Sales 01-379 6061.' Evenings 8.00.

Mat . Wed 3.00. Sat 5.15 and 8-30.
ANOTHER COUNTRY by Julian
Mltcbell. Seats from £2-50. Oeens
March 2. 7 pm. No Mats Wed 3 March.

RAYMOND REVUEBAR. CC 01-734 1593-
At 7.00. 9.00 and 11.00 pm. Open
Sens. PAUL RAYMOND presents THE
FESTIVAL OP EROTICA.

NEW LONDON, CC Drury Lane, WC2.
01-405 0072 or 01-404 4079- EwflS 7.45.
Tiles & Sat 3-0 & 7-45. The Andrew
Lkrvd-Webber-T. S. EJJot Award Winning
musical CATS. Group bookings 01-405
1567 or 01-379 6061- LATECOMERS
NOT ADMITTED WHILE AUDITORIUM
13 IN MOTION, PLEASE BE PROMPT.

CC 01-437 6634. Andrew

Lloyd-Webber's SONG AND DANCE. A
concert for the theatre. Starring Mat]
Webb In TELL ME ON A SUNDAY A
Wayne Sleep In VARIATIONS. Mon-Prl
6 pm- Mats Wed 3. Sat 545, 830.
New booking from March 26 (NOTEi
Wed April 7 at 7 pm).

PHOENIX THEATRE (Charing Cress Road)

8-0. Frl & Sat

01-836 2294.8611- Eves
6.0 A 9.0. ONE MO 1 TIME! THE GREAT
NEW ORLEANS MUSICAL! ONE MO"
TIME IS A GOOD TJMEl Group tales
01-379 6061. Ring Teledata 01-200
0200 (or Instant confirmed CC bBsgs. 24
hours, personal service available*

PICCADILLY. S 437 4506. CC 379 6565.
Group sales 01-836 3962, 379 £061,

Promt bkg Key 22D 2324. Mon-Fri 730-

Mat Wed'Vof'Sat 530 A 8-15. ROYAL

SHAKESPEARE COMPANY In Wfllv
Ramil's new coraodr EDUCATING RITA.
RSC «l» 7* AMwch/Wireitowe.

PRINCE EDWARD, Old Compton St. Tim
Rice and Andrew Lloyd- Webber*! EVITA.
Directed by Harold Prince. Evgs 8.00.
Mat Thors (ecenemv price) and Sat S-0.
Evp pert eadf 10.15. S Sot Office 437
6877. CC Hotline 439 8499. Group sale*
379 6061 or Box Office. Fer Instant
24 hr bag $ ring Tciodata 01-200 0200.

ROUND HOUSE. 267 2564. Lloyd's Bank
SHAKESPEARE WORKSHOPS. Thlf week
and next The Tragedies. 1130 am to 3-15
(with Joncb break). All seats £2.

ROUND HOUSE. 267 2564. Fbco Nora
Theatre Co. in EDWARD If by Bertolt
Brecht. Evgs 730.

ST. MARTIN'S- CC 836 1443. Evgs 8-00.
Tues 2.45- Saturdays 5.00 and 8.00.
Agatha Christie's THE MOUSETRAP,
world’s longest-ever run. 3 Otto Year.
Seats bookable from £230.

F.T. CROSSWORD

STRAND. NO 5EX PLEAS* — WE’RE
BRITISH HAS MOVED TO THE GARRICK
THEATRE.

PUZZLE No. 4,810

STRAND THEATRE. CC 01-836 2660.
01-836 4143. NYREJE DAWN PORTER.
ROY DO TRICE In MURDER IN MIND*
A thriller by Terence Feely. . Evss Mon-
Frf 6.0. Sets 5.0 and 8-0- Mats Thur 3.

ACROSS

ROYAL COURT. 5 CC 730 1745, Ew
8-0. Mat Sat 4.0. Mon A Sat Mat alf
seats £2. OPERATION BAD APPLE
by G- F. Newman.

SAD LOTS WELLS THEATRE* ECl- 637
167211673/3856. Credit cards 10 am
to G pm 278 0871/857 7505. Croup
Sales 379 6061. ' SADLER'S WELLS

ROYAL BALLET 23 to 25 Fab.
P AOUITA ; THE INVITATION l CARD
GAME. 26 Feb to 1 Mar PAPfLLON.
The Royal Ooera House regrets Duct the
above performances ire

CANCELLED

Mar 2-4 SOLITAIRE / PROFESSIONAL I
LA YIVANOIERE / QUARTET l CON-
CERTO and Mjw 5-6 LA FILLS MAL
GARDE E— These programmes will be
performed as advertised.

Exchange arrangements tor tkt holders
for Peris 23 Feb-1 Man

TALK OF THE TOWN. CC 01-734 5051.
For reservation s or on entry- London's
greatest night out. From 8 pm- 5 HOURS
OF TOP ENTERTAINMENT. THE TALK
OF THE TOWN GALA GALAXY REVUE
1930 pmj. PETER GORDENO C11 P m).
Pinner. Dancing, 5 bands.

VAUDEVILLE. CC 01-636 9988. Eves
8. Wed nuts 2-45- Sat 5 & 8- GORDON
JACKSON In AGATHA CHRISTIE’S
CARDS ON THE TABLE.

VICTORIA PALACE THEATRE. Opens
March 11 — ■ Limited season. Previews
Friday to March IQ. ELIZABETH TAYLOR
In THE LITL6 FOXES by LILLIAN HELL-
MAN. Advance Box office open 01-834
1317-8. 01-625 4735-6. Credit cards
accepted. Group sales 379 6061.

1 . 1981 Dance Subscribers with tiers
for these perform ancas only will be
contacted by the theatre dlreet-
2- All other tkt holders for these p erfor -
mances only please return Ikes together
with an to the Sot Office, Sadler's

Wells Theatre, or to the agent at which
they were purchased. Please Indicate
method of cavment and whether you
wish to exchange them for snbseavcnt
peris. (2-4 Marl, claim a refund or to
help soften this financial blow mate a
donation so the theatre.

VICTORIA PALACE THEATRE. THE
LITTLE FOXES. Monday 8 March at 730
Royal Performance In the presence - of
HRH The Princess of Wales in aid of
Army and Police Charities. Ticket: £50.
£40. £25. Td (weekdays)? Brigadier
Untfy 01-730 5489-

■BET* Si&to? 0W N^ c to.i 7! WSSi«

A MoalcaL

PRINCE OF WALES THEATRE. 930 8681.
CC Hotline 930 0846. ROY HUDD.
CHRISTOPHER TIMOTHY in UNDER-
NEATH THE ARCHES- A musical of the
Flanagan and Allen story- RED PRICE
PREYS TODAY. TOMORROW A WED AT
7.30. TOMORROW AT 5.1S A 6.30.
OPENS THURSDAY AT 7.0. Sid) Cvgt
Mon-Thvra ? JO. Frl ft J* 5.1B A
BSD. ROYAL GALA PERFORMANCE
MAROt 9. Group sales 01-379 6061.

5AVOY. CC 01-636 8658. For Credit
can! booking ring 930 0731 f4 lloes).
9.30-6.30. sat* 9.30-4-30. Evts BJXI.
Mat Thun 3.00. Sat 6.00 and 8.45.
SIMON WARD. BARBARA MURRAY,
CLIFFORD ROSE In FRANCIS DUR-
VRiDGFS Hit Thrilicr HOUSE GUEST.
OVER 390 PERFORMANCES.

WAREHOUSE. Donmir Theatre. Ear mam
5U Covent Gdn. Box Office 63B 6808.
ROYAL SHAKESPEARE COMPANY
TIMON OF ATHENS tMt 73D pm.
FIimI perfs Good from 5 March.

WESTMINSTER THEATRE. 834 02J3.
March 2-27. Mats dairy 2 . 15 . Seats
£L50, £2*50. J. B. PRIE5ILEY*S

Mystery Thriller AN INSPECTOR CALLS.

WHITEHALL* Box Off- tef. 01-839 6976,
01-930 6012-7765. CC 01-930 6693-
6694. Group sales tel. 01-579 6061.
White hairs latest farce ANYONE for
DEMIST by JOHN WELLS. Directed by
DICK CLEMENT- MON-SAT EVES 8.15
pm. MAT SAT 5.00 pm.

.1 Advanced.. large number in
service (4,4)

5 Arranged intervals in health
resort one month bade (6)

10 Sovereign and a quarter of
old (5)

11 Enraged GI mixes drink (9)

12 Will have try at making
butter (5,4)

13 They make a sight better
■ series of flutters (5)

14 Parent ' on leave joins

attorney in Temple (6)

15 Useless for instance going
back on resentment (7) .

18 Heavy expert ought to go to
America (7) ...

20 Support the -Spanish drive
( 6 )

22 Four trapped by a cover
might be furious (5)

24 Nod? (9)

25 It is a church to declare (9)'

26 Relative sound of French
resort (5)

27 Sends -over the moon in a
sleet storm (6)

28 Doesn’t move corset on
deposit (5,3)

4 Indicate alternative to a
woman abroad (7)

SHAFTESBURY. 5 CC ShBffeSbtfV Avc- .
WCZ. Tel B?x Off*? 836 6556. 2nd
Year Neil Simon’s. Hi: MueJcal. MARTIN
SHAW. SHEILA BRAND. THEY'RE
PLAYING OtfR SONG. QAPl £j (Wed 1
mat on tor 2. Sti Jd eat* L4. Ergs XLO. Met !
Wed 3.0. S*tt 5.0 A 8.30. Credit c*rd
bkpt 930 0731 ?4 luttf? 9.00-700.

Sits 9JJD-4.30. Red grom btgs 01-839
3092.

WYNDHAM'5. S 836 3026. CC 379 6565.
Group reductions 636 3962. COLIN
BLAKELEY, ROSEMARY LEACH tol
ARTHUR MILLER'S ALL MY SONS.
Directed bv MICHAEL BLAKEMORE.
Mon-Fri 730. Sat 4.30 A 8. 00. W«d
DISC 2~30.

YOUNG * VfC (Waterlog r 926 ' 6363:'
From Frl Eves 730 A 230 Sit
MASQUERADE In Workshop.

DOWN

1 Chap' leading American
‘ republic meets Trojan

woman (6)

2 Clown attached to the
French welcome to take t»™«
off (2,2,5)

3 Easily earned profit from
■ 'second-hand string of 'pearls'

(5, 3, 3,4)

6 Ironed out professionally
when hard up (7,3,5)

7 Fret with hothead -in eating
place (5)

8 Getting into habit of makme

uiceTr

sauce (8)

9 Leeds and Newcastle are in
league (6)

16 Look - - at composition "of
mascara (3, 4>2)

17 Officer gets over failure on
falling in (8)

19 Taking part with off-beat
lines (6)

20 Here and now (7)'

21 Notice a daughter on green
( 8 )

23 Large-scale fiddle is s
bloomer (S)

The solution to last Saturday’s
pnze puzzle, will be published

with names of winners nest
Saturday.

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vuuifiauroo an u mai kiqw

DoT probe into Suter
share price movement

Department of Trade investiga-
tors are looking into movements
in the share prices of Suter
Electrical at the end of 1980 and
early in 1981, before the com-
pany announced its acquisition
of prestcold from BL. The
inquiry relates to possible
insider dealing as defined in the
1980 Companies Act. which made
such dealing a criminal offence.

In the two weeks before deal-
ings in Suter shares were sus-
pended on January 15 last year,
the ordinary shares had risen by
21p to 66p, Suier's deferred
shares rose by a like amount.
On January 16 Mr David Abell,
who held 17.24 per cent of the
deferred and 16 per cent of the
ordinary shares, resigned from
his position at BL. to become
chairman of Suter.

It is believed, that the Trade
Department's investigation was
set in motion by a report from

the Stock Exchange’s unit which
monitors large movements in
share prices.

In the 15 months since the DoT
has had the power to prosecute
for insider dealing offences it
has looked at a number of cases
— probably more than £0— but so
far only two prosecutions have
resulted.

The first case, in Scotland,
ended with the discharge of the
accused, who had pleaded
ignorance of the law and re-
imbursed a jobber who had
suffered from tbe “ insider "
basis of a transaction.

A second case — the first to be
brought in England under the
1980 legislation — will be heard
in Croydon next month. A hus-
band and wife are being charged
with using price-sensitive infor-
mation (concerning an imminent
takeover bid) to which the wife
had access through her employ-
ment as a secretary in the cor-

porate finance department of a
merchant bank.

FT Share
Information

The following securities have
been added to the Share
Information Service:

" Bail lie Gifford Japan Trust
(Section: Investment Trusts).

Radiant Metal Finishing
(Industrials).

Spey hawk (Property).

IMI COMPLETION

1ML tbe Birmingham-based
engineering and building pro-
ducts group, has completed the
$32.5m acquisition, first agreed
in principle last November, of
The Cornelius Company of
Minneapolis, U.S.

Swiss base for N. M. Rothschild

The holding company of N. Iff.
Rothschild, tbe famous City of
London merchant bank, is to be
based in Switzerland. It will be
the parent company for all the
associated companies of the bank.

Mr Evelyn de Rothschild,
chairman of the bank, said the
new company (which is called
Rothschilds Continuation Hold-
ing A.G.) has been formed “to
give us an opportunity to

EDINBURGH EXEMPT FUNDS

2S.2.S2

2S.2.82

Bid

Offer

AMERICAN FUND

63.8p

66.5p

JAPAN FUND

2S0.2p

292.1 p

PACIFIC FUND

109 .7p

114.4p

EDINBURGH FUND MANAGERS LIMITED
4 Melville Crescent, Edinburgh EH4 7JB. Tel: 031-226 4931

expand more readily overseas,
particularly in the Far East and
America. It will allow us more
flexibility.”

He said that the move was not
motivated by political and taxa-
tion considerations, and stressed
that the asets of the existing
group remains in the UK.

He sand that the establishment
of a Swiss based holding com-
pany had the approval of the
Inland Revenue and the
Treasury*

Mr de Rothschild is the largest
single shareholder in Rothschild
Continuation, the UK based hold-
ing company of the bank. Other
major .shareholders include Sun
Alliance Insurance Group.

This advertisement is issued in compliance « ith the requirements of the Council nfThe Stock Exchange
and is not an invitation to any person to subscribe for or to purchase any share capital of the Company.

ROPNER HOLDINGS LIMITED

^Registered in England No. 462000)

ISSUE OF 3,693,012 11.5 PERCENT.
CUMULATIVE PREFERENCE SHARES OF£l EACH

An Extraordinary General Meeting of Ropner Holdings Limited (“the Company")
was held on 26ih February, 19S2 at which shareholders approved an increase in the
share capital of the Company, capitalisation issues of further W (non-voting)
Ordinary shares and of new 1 1 .5 per cent. Cumulative Preference shares of £1 each
and a change of name to Ropner Limited. The change ofname will become effective
when the Registrar of Companies issues the change of name certificate. ■

The Council of The Srock Exchange has admitted the Preference shares to the
Official List. Dealings in the shares commence today.

Particulars of the Preference shares are available in the Extol Statistical Service and
copies of such particulars may be obtained during business hours on any weekday
■ Saturdays and public holidays excepted) up to and including 15th March, 1982
fforn:-

N.M. Rothschild & Sons Limited
New Court. St. Swithin’s Lane,

London EC4P4DU

and from:-

Cazenove & Co.,

12 Tokenhouse Yard,
London EC2R 7 AN

1st MARCH, 19S2

SelecTV
subscriber
level ‘low’

THE PRESENT number nf
subscribers to SelecTY's three
systems is 923, says Mr M. E. A.
Shelraerdine, chairman _ of this
USM quoted pay television com-
pany, in his interim statement.

The directors bad hoped for
a higher subscriber level by this
tim e but have been hampered by-
a shortage of decoders from
Telease. Inc. the licensors of

BOARD MEETINGS

The following companies have notified
dates of board meetings to the Stock -
Exchange. Such meetings ere usually
held for xhe purpose of considering
dividends. Official indications are not
available as to whether dividends- are
inrerims or finals end the subdivisions
shown hetow ere based mainly an last
year's timetable.

TODAY

Interim—Raina Industries.

Finals— Barclays Bank, Sfagden and
Noel es. Fisons, Globe and Phoenix
Gold Mining. Royal Insurance.

FUTURE DATES
Interims—

AAH Mar 8

Martin (R. P.) Mar 5

Finals —

Fife Indmar Mar 23

Lunuva {Ceylon) Tea and Rbrr Mar 10

the MAAST technology and
decoder suppliers. Consequently,,
both the installation and sub-
scriber revenue are currently
running at lower than antici-
pated levels.

Contracts have been ex-
changed with Cable Vision
(Wellingborough) to provide an
additional pay television service,
to the fowa. This brings to the
company a potential 8.500 extra
subscribers and. in view of the
decoder supply position. Cable
Vision (Wellingborough) has
agreed to allow temporary, less
expensive, technology to be used.

This will be discarded when
MAAST decoders are available.
Tbe capital cost of the temporary
equipment supplied ■ to a sub-
scriber is less than the subscrip-
tion revenue from one subscriber
for one month.

SelecTV is advising a substan-
tial newspaper consortium in the
Far East with a. view to provid-
ing a local pay televisioo ser-
vice, 3Ir Sbelnoerdine says. It is
also con ti n u ins to investigate
opportunities in Europe and
Australia. However, the com-
pany’s progress in the UK is
still largely dependent upon tbe
Government's policy on the
future of broadcasting and com-
munications.

UU Textiles
chairman quits

Dates when some of the mo re important , company dividend
statements may be expected i& the. next few weeks are giveo m ®
following table. The dates shows rare those of last year -s
announcements, except where tile forthcoming^ board raeeunRv
(indicated thus*) have .been oEBeially wiMished. - Xt should he
emphasised that dividends to be declared will not necbssanlybe
at the amounts in' the column headed “ Announcement last year.

For the third time in .as. many
years, the - garment maker
UU Textiles-has a new chairman..
Mr J. S. Dunn has resigned as
chairman and managing director,
to be repfaced by finance
director Mr. C, Chambers.

Mr Dunn . said .-“It would be-
jncorrect for me 'to comment. I
am- no longer woridng for the
company. Nothing untoward' has
happened. The group is now
profitable and in a better posi-
tion than it has been for quite
some time.”

The company said, “Jeff Dunn-
was chairman in a caretaker -
capacity. He was due 'to leave in
June 1982 anyway, but .we
decided that with the company
having such a. good order book
It was the right time to leave.
Prospects for the company are
reasonable if not dynamic. The
b-fokes now In charge ere com-
petent to run the company.”

In October 1978 the .'loss-
making UU Textiles, which fias :
not paid a dividend since 1975.
attempted to. solve its financial
problems through a . reverse
takeover of textile wholesaler E.
SaJbstein. Under the terms .of
the deal, Mr Richard. Rather, 29-.

yearoM chairman flf
became dihimaa of UU Textiles
and his family acquired 59.3 per
cent of its equliy : .

Despite tt brief .return : to
profits in the six months to

December 1978, »be coni<niI S
problems mounted, and in 1980
it disposed of its knitwear sub-
sidiary and three freehold
properties. The wholesale side
of Ssdbsteta was also dis-
continued. * _

In July 1981 Mr Earner
resigned “ due to the ill health
of his wife ” and managing
director Mr Dunn, who had been
with . the company since 1976,
took over as chalrman.

'fo December 19S0 the com-
pany had announced . .that it
“expected to break even in the
year to June 1981/' but then
made a pre-tax loss of £74.000.

This week the company
announced that it bad made a
lose of £29,400 in the six months
to December 25 19S1- At tbe
attributable level the losses were
£42.700 (£4,500). In a statement
the company said that since
September the group had been
'trading profitably. The Ratner
family stiM holds about 50 per
cent of the equity.

BIDS AND DEALS

NEW VENTURA/ ‘

CAIRD (DUNDEE)

The offer' by New. Venture
Carpets for .the ordinary capital
of Caird (Dundee) has been
accepted in respect of 2,447,938
shares (approximately 91.75 per
cent) and acceptances totalling
11,062 shares have been received
in respect of the offer for the
preference shares (approxi-
mately 61.46 per cent).

The offer for the ordinary
shares remains open until
further notice and New Ventura
Carpets intends to acquire com-
pulsorily all the outstanding
ordinary shares.

The offer for the preference
shares remains open until March
12 .

GALLAGHER GP.

THE BUILDING and construc-
tion company, Gallagher Group
has bid I£4.25ra for H. Williams
supermarket chain.

The bid, which the H. Williams
board is recommending to
shareholders, marks the first
expansion by Gallagher out of

property since the group de-
clared its intention to expand
in the supermarket business.

H. Williams, which is con-
trolled by the family of John
Quinn, lost £600.000 in 1980 and
has not paid a dividend since
1979

There Is speculation that some
of the company's sites might be
developed.

SPAIN r

Fib 28

1982 Price

High Low .%

339 251 Banco Bilbao 355

380 280 Banco Central 354

320 229 Banco' Exterior ... 310

330 239 Banco Hispano... 322

128 110 Banco Ind. Cat.:-'. 1.10

383 264 Banco Santander- -.362

235 148 Banco Urquijo 235

382 253 Banco Vizcaya ... . 375

252 203 Banco Zaragoza...., 237

175 82 Drag ados T72

75 45 Ea pa note Zinc .66

72 55 F boss 69.5

55 22 Gar. Preciadoe ...* 43

82.7 63.5 Hidrola - 65.7

62.5 50 lbeiduero 51

102.5 - 70 Petroleos" ....*: 99

104 70 Petmliber 94

102 14 Soge/re* 14

80 60 Telefonica * 29

78.2 . BO Union Elect. 63.7

Anna once
Date ‘ mcnt.lut
. . ^ ' ‘ year _ . t

APV Mar 30 8-2

•Anglo American '

Cold... Mar 11 Final 600e
Armstrong , . .

Equiptn«it.~Mar25 !nt, 035

Auk and-'-

Wiborg...Mar -8 - Fwial 1.05-
BBA -Mar26' .Fihsl.OA

•BICC .: „...Mar 2C Final .6.4. •

BSR Marie Final nil

BTR Mar 12 Final 53 .

Babcock . (n(i....Ajjr 1 Final 3.6.
•Barclay. .Bk. ...Mar 1 Final 9.25
•Barra it ‘ ‘

D&vpcnis.fMe-r 17 . tut- 3.6 »

Bejem .-MerlS Int.-I-S.' -

Beil (A.) Me r'2S Irit. 2.332

BestobeU Mar25 Final 7.7

•Sibby (J.) Mac IB Final 4*925

Boddingtons

Breweries... Mar 18'. Final" 1.B .

Booker '■

McConnell. ..Mar 31 Final 1.875 -
Bowater ........Apr - B 'ftnaf.7.25

British ••

- Aluminium.. -Mar. 1.1 Final 2.0 .

'British

Petroleum.. -Mar 15 Ffnel 14.0
•British VHb Mar S * Final 2.6
Brown Bov erf

Kent,. .Apr 10 Final .1.2
Brown Bros. ...Feb 36 . Idl 1.0
*Bunzl Pulp

BndPaper-.Mar31 RnaJ 3.02
♦Cadbury -

Schweppes... Mar 7f ' Final .
Cape Indti. .....iMerSI- -Final *7-3
•Carrington ' ■ J

Vlyane.i.Feb 24 RnaJ nil
Cement •

Roads tone... Mar. 18 Final 323
•Cone. Gold

Fields .-.Mar 3 InL 8J5

fc 0RG —Mar 24. Final. 3.0

•Da Baers Mar .9 Final fiQc
♦Ductile Steel*. -Mar IB • '

Eagle Star Mar 25 . Final 55

Fatrefough -• • — ■ .

Conatr....Mar17 ’jgnal, 2L85

•Raona „...\.Mar i Final 3.1

GRE ; Final 9£

^General '• - --

Accident.. .Mar ’.3 Final -7-25
♦Ganarel Mug... -Mar 4 fineMOOc
GiU and

Duffive...Apr. S ’Final 4.81

Glynwed. Apr 8 - Final 4.9

Gueat Keen ...Mar 18 ' -final 4-0
•Guinness Peat Mer.Tfi InL 2.75
Hepworth •

. Caremta.ni4ar18 • Final 4.286
Higgs end

Hill;.:. ..Apr 8 Final 2.6
*Hongkong and -

. Sh'ghai Bkg.-Mar .9 . Rnal HKSQA7
fCTalnwort ' -

Bari ion.. -Mar 26 Final 6.0 •'

LWT .'—Apr' 2 Final 4.0B8 '

Ledbroke ......Apr 2 . Frnal 6.95

Announce-.

. Date moot last
year

lead tnda. 3 Final 5 58

Legal and . _ . „ ^

dsneral,.,Apr 1 -^nal 6 0

Lax Samice -,.Msr19 ^ ina !

London Brick ...Aor 8- Fiflfll 2.632
•Low & Sonar. ..Mar 29 Final 9.5

• . Lucas Inds. ...Mar 26 fnt. Z-fi

. 'Midland Bank..J^ar 19. final 14.0

Mills and • , _ _

• AHon lnU....M»r20 tM.S.O
..•MitebaU Catts...Mar -4 Ini. o.»e

Cruel bis... Apr 9 Final 3 .0
Nows Inti Mar 25 Ini. 2.8*5

• ■ Ocean '

. Transport. .Mar 30 . Final 4.7
Peachey Prep-.. Mar 31 Rnal 7.5
Phomnix Asc*...Apr 1 Fma » .4
* Prudential 24 Final 7 0

•Raneomas Sima . A «

and Jefferies. ..Mar 4 Final 8.0

fteefeitt end ’ . - n

Colman-.Apr 1 final 5.0
- rR«mf (A.) pf 2 Final 2.4B
, Mtentolril -..-—Mer 4 Fma 1.6
Rochware .—.-Mar2? Final 2.1

*RoyeT Dutch __

Patrolei#in...Mer 11 Final FI 3^5
•Royal lna.ee. ...Mar 1 F»na IWJ
Ruberoid Apr 9 Final

* Scottish

Metropolitan.. -Apr B Int. 1-25_
Senior Eng. ...Apr 8 Fina 0 75

•Shell Tranapt....Mar1T Rnal

Slough Ests- ...Mar 25 Final 165
Smith end

Nephewr...Mar 24 Final 2.6
Staffs. Potts. ...Mar 5
Standard and . . ■ c

Chartered.. -Apr 7 Fine 2).5

SJC Mar 2D Final 6.0

Siwtlay Mar19 final Of

Sun Alliance ...Apr 1 Final 18.0

TSyl Woodrow...Aor 9 Final 10.137

Tilling (T.J Mar 18 Fina AO

•Transpt. Dev....Mar15 £ ,nB

Tricreirol M* r1 ® f. ,n8 J ® f

»Tuba Inye. ....--MarlO Final 2.5

•Turner and

Newell... Mar 17. . Final 3.D

•Ultramar Mar 3. Final 7.0

•Unilever .—-—Mar - '5 na [

■ *Utd. Biecute —Mar 11 Final Z-5

Utd. City

Merchant9-.Mar12 I nr. 0.5

•Vickers J4ar24 Fina 7.45

Weir -..Apr 1 Final mi

Willia Fafaar ...Mar 23 Final 8.2

Wolseley- M

\ HuRhea...Mar 19 InL 4.4

•WoolwortH

(F. W-)..-Mar 10 Final 3.569

Yorkshire ob.ii

Cfliems.—Apr 8 Final ml

* Board meeting Intimated, t Rights
issue since made- tTajc free. 5 Scrip
Issue since made. 1 Forecast-

INTERNATIONAL'

Specialists in International Securities Markets

k 1 • • • •

Announce with pleasure the appointment of

Mr . John S. Murray
as

President

Cresvale International \ Inc.

From

March 1st, 1982

Cornwall House
Coopers Row
London EC3N 2BQ

Tel: No: (01) 481 1100
Tlx.: 8953714

60 Broad Street
New York
N.Y. 10004 : .-

TeL No.: (212) 269 1250
Tbi: 429189 ' "

BASE LENDING RATES

AJB.N! Bank' 134%

Allied Irish Bank 134%

American Express Bk. 14 % I

Amro Bank : 134% 1

Henry Ansbacher 134%

Arbutbnot- Latham . ... 14 % 1
Associates Cap. Corp. 14

Banco de Bilbao 13 J%

BCCI ....: 14 %

Bank Hapoallm BM 134%
Bank Leumi (UK) pic 134%
Bank of Cyprus ...... 13j%

Bank Street Sec. Ltd. 154%
Bank of N.S.W. 134% I

Banque Beige Ltd. ...14 % |
Banque du Rhone et de
la Tamise S JL ...... 14 %

Barclays Bank 134%

Beneficial Trust Ltd. ... 15 %

B remar Holdings Ltd. 144%
Bristol & West Invest. 15 %
Brit. Bank, of Hid.. East 134%

Brown Shipley 14 %

Canada Perm't Trust... 144%
Castle Court Trust Ltd. 14 %
Cavendish G’ty Tst Ltd. 154%

Cayzer Ltd 14 %

Cedar Holdings 14 %

Charterhouse Japhet.. 14 %

Choulartons 14 %

Citibank Savings 114 % ■

- Clydesdale Bank - 131%

C..E: Coates 14 % *

Consolidated Credits... 134%

Co-operative Bank *134%

Corinthian Secs 134% 'i

The Cyprus Popular Bk. 134%

Duncan Lawrie 134%

Eagti Trast 134% ' t

E.T. Trust 14 %

Exeter Trust Ltd. -144% 6

First Nat Fin. Corp.... 164% §
First Hat Secs. Ltd. ... 164% 1

■Robert Fraser 14 %

Grind la ys Bank $13|%

I Guinness Mahon .13)%

IHambros Bank 134%

Heritable & Gen. Trust 13 1%

i Hill Samuel S134%

C. Hoare & Co «3*%

Hongkong & Shanghai 134%
Knowsley & Co. Ltd. ... 14 %

Lloyds Bank 131%

Mallinhall Limited ... 131%
Edward Manson Be Co. 15 %

Midland Bank 134%

' Samuel Montagu 134%

I Morgan Grenfell 14 %

National Westminster 13 J%
Norwich General Trust 13)%
P.' S. Refson & Co. ... 134%
Roxburghe Guarantee 14)%

E. S. Schwab 13*%

Slavenburg’s Bank ... 134%
Standard Chartered .„|J134%

Trade Dev. Bank 13)%

Trustee Savings Bank 13*%

TCB Ltd. 13i%

United Bank of Kuwait 134%
Wbi teaway Laidlaw ... 14 %
Will Tams & Glyn’s ... 13 4%
Win trust Secs. Ltd. ... 13i%
Yorkshire Bank 13)%

Members of the Accepting Houses
Committee.

7-day deposits 11.001V.- 1 -month
11.25% . Shoir term £8,000/12
month 13.6%.

7*day deposits on sums of:— under
£10.000 11.00%. £10.000 up to
£50,000 Tf*%. £50,000 and over

12^i%. .

Calf deposits. Cl ,000 and over
11%.

21 -day deposits over £1,000 12%.
Demand deposits 17%.

Mortgage base rate.

This advertisement complies mtk the requirements of the Council of The Stock Exchange.

U.S. $125,000,000

Citicorp Overseas Finance Corporation N.V.

( Incorporated with limited liability in the Netherlands Antilles )

Guaranteed Retractable Notes Due 1997

Unconditionally guaranteed by

CITICORP ©

■

The folio wing have agreed to subscribe or procure subscribers far the above Notes :

Credit Suisse first Boston limited

Banque Nationale de Pam
Morgan Stanley International
Salomon Brothers International
Socfete Generate de Banque S.A.
Dean Witter Reynolds Overseas Ltd.

Credit Lyonnais

Citicorp International Bank limited

Morgan Grenfell & Co. limited
Orion Royal Bank limited
J. Henry Schroder Wagg & Co. limited

Swiss Bank Corporation International limited

Wood Gdndy Limited

Ike issue price of the Notes is 100 per cent The Notes have been’ admitted to' the Official List by the Council of
The Stock Exchange, subject only to the issue of the Notes.

Interest is payable annually in arrears on 1st March, the first payment being made on 1st March, 1983. The Notes
are redeemable at the option oftheholderon 1st March, 1985, 3988, 1991 and 1994 as of which dates the interest
rate may be adjusted. The interest rate for the first three-year period willbe.151 per cent, per annimr -

Full particulars of the Notes are available in the Extel Statistical Sendee and may be obtained during usual
business hours up to and including 15th March, 19S2 from the brokers to the issue:

Gazesove & Co„

32 Tokenhouse Yard,

London EC2R7AN

U.&5I2D, 000,000 Guaranteed Floating Rate Notes due 1984

Citicorp Overseas Finance
Corporation N.V.

(Incorporated with limited liability in “the Nethertonds Antilles)

Unconditionally Guaranteed b/ -.

CITICORP Q

In accordance with -the - terms : ai»T oandittons of the above-'
.mentioned -Notes and the Agent- Bank- Agreement dated as of
November 29, 1979. between Citicorp Overseas. .Finance Corpora-
tion. N.V., and Citibank. NA," notice- is hereby [given that the
Rate of Interest for the first one-month sub-period has been fixed
at 14'3% per annum and that the interest payable for the first
one-month sub-period in respect of U5.SI0.00Q nominal of the
Notes will be U.S.S136.93.

Public Works Loan Board rates

Effective February 27

Yean

Up to 5

Over 5, up to 6

Oyer 6, up to 7

Over 7, up to 8...:..

Over 8, up to 9....'..

Over 9, up to 10 ...

Qy£r 10, op to 15...'

Over 15, up to 25...

Over. 25

■ * Nonquota loans B are 1 "per cent -higher in each case than
.non-quota loans A* .t Equal- instalments pf principal, t Repayment
by half-yearly annuity (fixed equal half-yearly payments to include
principal and interest). 3 With half-yearly payments of interest oniy.

Quota loans repaid
at -

Non-quota

loans A # repaid

at

byBPt

At

mttuntyS

by ElPt

At

maturity}

1«

144

15

15)

15)

15A

M*

15*

15*

15f

15*

14}

14*

15

15*

15*

15*

14}

15

14*

15*

15*

15*

15

15)

14*

15*

15*

15*

1 H

15)

14*

1 H

15*

15!

14}

14|

14)

15|

15)

15!

14|

14*

14*

15*

15)

15)

. i4i

144

14* -

15 J

15*

15)

This amount
May 28. 1982.

will accrue towards the interest, payment due

March 7. 1982

By: Citibank. N-A. p London. Agent Bank'

CITIBANK

Societe Generaie

U.S. $250,000,000

Floating Rate Notes 1990/1 995

For the six months 1st March, 1S82to tst September, 1 982
the Notes will bsaraninterestrate of 15*% porannumnnd
die coupon amoimtperU^3100,G00rV«ll |»U.S,47826^9.

si.

r Agent Bank .

Samuel Montagu & Co. Limited .

M. J. H. Nightingale & Co. Limited

27/28 Lovat Lane London EC3R 8EB

Telephone 0I-62T 1212

toco's

capitai^atkm

Company

1,233 ABl Hldgs. lOpc CULS

4,052 Airs p rung

. T:125 Armftaga and Rhodes. -

12^20 Bardan Hill

5,339 .Dabonh .Services

4,175 ►. Frank- Kora el I

11,991 . Frederick Parker

■ -9BD- . George Blair

' 3.859 ‘ . Ipd. Precisian Caatinga

\ 2.544 Isle Conv. PraF. *

1 * 2,454 ■ * Jackidn Group —

15^458 ’James Burro ugh .........

2,550 • Robert Jenkins

. 3,000 Scnmons "A"

3.905 T ordxy and Ca Aisle ...

■ ' 2 *885 ' Twmlodr Ord. ■

2.129 Twinrock ULS

‘.-3,815 UnOock. Holdings

. 9.633 * Welter Alexander
; 6,472. W.‘S. Yeates

Prices now available on Preetel page 48146.

Price

Change Grose Yield
on week div.(p) %

Fully
Actual taxed

■124

+ 1

10,0

8.1

-

m ^ m ,

70

—

4,7

6.7

11.1

15.4

45

+ 2

4.3

9.6

3.8

8.5

200

— 2

9*7

4.9

9.7

11.8

6Sxd - 2

6.0

8.7

ZJZ

6^

131

+ 1

6.4

4.9

11.8

24.3

83

—

6.4

7.7

4.2

8.1

52

;+ i

••a.

95

— .

7^

7.7

6.8 .

10.3

106

—

15,7

14.8

57

:+ 2

7.0

7^

3A

6J9

112

—

8.7

7.8

8.2

10.3

250

—

31.3

12,5

3.5

8.8

GO

+ 2

5.3

8*

9.2

8.5

160

- 1

10.7

6.7

5.1

9.5

13 1 *

— ■

78

+ 1

15.0

19.2

.

25

- 1 1

3.0

12.0

4.5

7.B

78

+ 1 ‘

B.4

8.4

5.0

8.B

228

+ 2

13.1

5.7

4,3

8.8

FINANCE FOR INDUSTRY TERM DEPOSITS,

PcpQSds ofjOiQOOrfSQtOOO accepted tor fixed terms of 3-lfl y par^ .
Interest Hates for dgpo^TeceiTOiiirrf

12/3/82 • '

T erms (yea re) 3 4 5 6 7 8 9 30

INTERESTS 131 131' 131 131 131 14 14 14)

Deposits to and fitrtitfirjiS^hWkjnfromTlie'IreasuiTO Finance for
iadnary pfe 91^tedooKd,London SEl 8XP ^(01-928 7822. Ext 367).

is th e h okiing congagyfarlGPC aadfGL

THE TRING HALL

ne.o ( -0.7) .
dose of ’buslne&s 28/2/82 .
BASE; DATE 10/11/80 100

- .

LADBROKE INDEX

? Close 543*548 (-5)

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Tfc,

1 p»,

‘•■Vf

1*

IM

r • i

r ' B V-, 1

:r »

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0

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4

*

1

■. t

M- ... ^ . ■ ■

By Anatole Kaletsky in Washington, and Hugh O’Shaughnessy in London

; HISTORY SOMETIMES repeats
but not often.' The word
'*• Vietnam" is on everybody's
./Hps in Washington at Uw
moment, as the guerrilla war
in El Salvador intensities
towards another Moody climax
ahead of the March 28 elections.

The old slogans of the
“domino theory” have been
disinterred for what the Reagan
Administration insists is **the
decisive battle for Central
America.** And Administration
spokesmen have turned again
to the concept of “ incrementa-
lisms, " the process of escalating
military involvement by a 'series
of almost imperceptibly small
steps which drew the U.S. into
Vietnam, to describe U.S. stra-
tegy in El Salvador.

But it is becoming dear that,
despite the much-vaunted right-
wing backlash which, brought
President Reagan to power,
Vietnam has created a lasting
dread of any similar adventure
among the American people.

Last week a ...Newsweek
opinion poN showed 89 per cent
opposition to direct military in-
tervention In EI Salvador. Aud-
it is impossible to imagine Con-
gress approving of U.S. rroop
deployment- The War Powers
Act, passed after the Vietnam
war had ended, makes it ex-
ceedingly hard for any U.S! gov-
ernment to send in combat
troops without such approval.

Furthermore, the Reagan
'Administration’s attempts to
raise the alarm about -Marxtst-
Lenini st - insurgency in central-
America are backfiring. El
Salvador may be closer to Cali-
fornia than California is to
Washington, as one Republican
congressman from that:. state
pointed out recently m justify-
ing his -support for stepping up
aid for the Duarte Government.
But the Catoh-22 for President
Reagan and his supporters on
this 'issue is that every appeal
for more assistance for the be-
leaguered Salvadorean leader
only emphasises the weakness of
his position and' seems to con-
firm fears either that direct U.S.
military involvement will
eventually be reouired or that
the war there will simply be-
come a “ bottomless pit ” for
American money, armaments
and prestige.

Meanwhile. Washington finds
itself more and -mace isolated
from its aUies .in Europe who.
have, almost to a man; made it
plain that they consider social
conditions in Central America,

and not any real or Imagined
boviet mischief-making, to be

the prime cause of unrest and
insurgency.

In Europe, only Britain has
so far agreed to a U.S. request
to send observers to the March
poll. The U.S, line on El Sal-
vador has been countered with
varying degrees of vehemence
by the right-of-centre Govern-
ments in Sweden and Belgium
at one end of 'the political spec-
trum and the Mitterrand
administration at the other.

A “ military solution ” may
thus appear to be ruled out
But President Reagan, in his
major speech on Latin American
policy last week, made no bones
about how he views “the true
nature of the conflict in El
Salvador.”

He said that “guerrillas,
armed and supported by and
through Cuba, are attempting
to impose a Mamst-Leninist
dictatorship on the people of
El Salvador as part of a larger
imperialistic plan.” The U.S..
would “ do whatever is prudent
and necessary to ensure the
peace and security of the
Caribbean area.”

The addition of the word

prudent ” to Mr Alexander
Haig's earlier blunt warning
that “whatever is necessary”
would be done to stop the
guerrillas -in El Salvador may
indicate growing sensitivity to
domestic and international feel-
ing about U.S. policy.

But even without external
pressure, there is no Admini-
stration consensus for the sort
of intervention, that doing
-“whatever is necessary"
might imply. For example, Mr
Caspar Weinberger, the Defence
Secretary, is believed to be
woiried that the present furore
over El Salvador may under-
mine the nation's enthusiasm
for the whole Reagan rearma-
ment programme and is dis-
tracting attention from what he
regards as the infinitely more
important issue of Poland and
U.S.-Soviet relations.

So the centrepiece of the
Administration's strategy has
become the March. 2S election.
The State Department's hope,
according to a senior official
there, is that the constituent
assembly which these elections
create will lead to a Govern-
ment which satisfies three essen-
tial conditions: that it is
“ reform-minded." -that it has
“some democratic legitimacy"
and that if “will not create
horror stories about violence in

try to avoid looking beyond the
March.. 28 elections. Their
public statements so far have
boxed them into a corner. While
formally “ ruling nothing in or
out" they have created the
impression that negotiations
with the insurgents are impos-
sible and hence that a military
solution may be inevitable. - -

Costa Rica |EI Salvador Guatemala Nicaragua Honduras

■ •

The political realities appear

to indicate; that in fact, a.
military solution wnuld.be im-
possible, making negotiations of
some kind almost inevitable.

In advance of this, energetic'
efforts are being made behind
the scenes to prepare the way
for eventual talks. The FDR or
the civilian arm of the FMLN
guerrillas, headed by Sr Guil-
lermo Manuel Ungo and Sr
Hecior Oqueli have been
presenting their ideas' for
“ negotiations without - precon-
ditions.”

Bob Hutchison

COSTA RICA: Functioning parliamentary democracy; President-elect Luis Alberto Monge, cautious social
1 democrat; turreot account defidt (1981) $4.4bn. . _

EL SALVADOR:. Military civilian junta; President Jose Napoleon Duarte, Christian Democrat;, current
account deficit (1981) 5225m.

GUATEMALA: . Democratic forms but effective military . rule; President General Romeo lojcas Garda;
current account deficit (1981) ■ 5250m.

NICARAGUA: - Revolutionary government with Marxist and Christian elements; current account defidt
(1981) $430m-

MONDURAS: Parliamentary rule with military influence; President Roberto Zuazo Cordoba; current
account defidt (1981) 5300m. .

tomorrow's Washington Post.”

If President Jose Napoleon
Duarte's Christian Democrats
win convincingly the first two
of these objectives at least may
be met The Organisation of
American States, (including its
democratic members, such as
Costa Rica. Venezuela and
Peru) has strongly -backed the
elections. The bishops of EI
Salvador gave their qualified
endorsement last week (even
though Catholic leaders in the
U.S. have condemned U.S.
policy in El Salvador and
pointed out that' the local
bishops' support has been
grudging and. - may have
resulted from pressure).

oligarchy of General Carlos
Romero. Indeed State Depart-
ment officials claim that there
is very little difference on sub-
stantive issues between the
Christian Democrats and the
Social Democrats, who left the
original coalition mainly
because they saw the old
rightist military re-emerging to
dominate the Government.

But, there are few illusions

On the second question —
reform — the Christian Demo-
crats are still committed to
land redistribution though they
have achieved pitifully little of
the land reform promised in
October 1979 when liberal army
officers, backed both - by the
Christian Democrats and by the
Social Democrats (who have
now joined the guerrilla move-
ment)- overthrew the military

even in Washington, that the
election will accomplish the

third objective, the re-establish-
ment. of some semblance of
order in the' country. At
best the legitimisation of
tiie Duarte Government could
increase its barg ainin g power
with the military who are sup-
posed to serve it but in fact
act without- reference to Duarte
or against his orders. If this
allowed reforms to proceed
more rapidly and violence to be
curbed, it could further dissi-
pate support for the guerrillas
and conceivably lead to a split
between the extremists and the
moderates in the FMLN/FDR
insurgent coalition.

But, even if - tie Christian
Democrats do weFli there is no
guarantee that they will.be able
to gain control over the armed
forces and chart the country's
political progress. More ominous
is the possibility that the two
extreme right- parties which- fire,
the Christian. Democrats' only
serious opponents in .the elec-
tions will succeed in under-
mining Sr Duarte’s ■ credibility
or even oust him altogether.

If Colonel Bober to D'Aubis-
son, .who claims to see
little difference ' between.
Christian Democrats and Com-
munists, should emerge after
the elections as the most power-
ful figure in El Salvador, the
State Department admits .it
would be faced with. an acule'.
dilemma. . . \

Unless he could galvanise -the ;
military into achieving a rapid,
if bloody, victory over the
guerrillas, congressional 1 arid
public pressure to abandon El
Salvador to the . insurgents
would probably be almost
irresistible.

It is perhaps not surprising
that for now U.S. policymakers

■ A week ago President Jose
Lopez Portillo of Mexico urged-'
the U.S. to avoid the “gigantic
historical error " of intervening
in Central America and to seek
instead a “compromise solu-
tion." This would inevitably in-
volve its policy on Nicaragua
as ' well as . El Salvador, since
acknowledgement that the' Sal-;
vadorean guerrillas had some
legitimacy would remove the
main prink of U.S: attacks
against Nicaragua.

The Carter foreign policy of
promoting human rights and
social reforms in Latin
America, even at the expense
of . undermining " friendly ”
right-wing ' dictatorships, whidi
J.ed to left-wing victory in
Nicaragua and the collapse of
the Romero dictatorship in EI
Salvador in 1979, still has
strong support in Congress
and in parts of the State
Department.

Against his instincts and the
judgment of many of his
advisers, Mr Reagan may yet
find his own foreign polity
moving the same way.

In the shadows meanwhile
is the -spectre of war - in

neighbouring Guatemala which
some -State Department officials
forecast- will - be even bloodier
than that in El Salvador. There
a newly unified group of leflr
wing guerrilla organisations
are presenting a serious

challenge to the military
government- whose leader.

General Romeo Lucas,

genuinely looks on President
Reagan as a dangerous liberal.

How to drive

to Glasgow

' ■ Bv Samuel Brittan

SHOULD TOTAL spending, as
measured by Money GDP be the
final target for expressing the
goals of monetary and fiscal
policy? The suggestion that it
should has now been con-
demned by Professor Wynne
God ley of Cambridge and by the
NIESR Review aS- well -as by
purist monetarists' from the
City University in their Annual
Monetary. Review, in .Buck-
master -and Moore’s- Economic.
Comment and' in -a new 1EA
Occasional Paper, Could Do
Better/'- • ‘

Roger Bootle of ~ Ca pel -Cure
Myers conveniently, jf not quite
consistently, encapsulates criti-
cism front both schools of

thought in today's Letters to
the Editor column. Although
Chancellors often." cite criticism
from opposing ' camps as proof
that they are right, I ought at
least to give a very summarised
. reply.

A Money GDP target is
not a piece of black magic,
panacea or incantation. Nor is
it meant to replace other
economic indicators of other
kinds of' economic policy.
Jt'is basedona -'particular view
of the economy but a view that
lies behind -the Government's
Medium - - Term Financial
Strategy or any improved
financial strategy that might
replace it. '

The Basic view is that
increases of monetary, demand
have their ultimate effects on
pricex, buffos a ' transitional
period will affect both output
aitd prices in proportions which,
the Government can neither
control nor .precisely forecast.
By expressing . the money
GDP objective ■ as a fairly
long moving average, one
is ensuring against any infla-
tionary explosion, without,
hitting . output on the - head
simply because it. is bound to
rise in irregular spurts.

An “old Keynesian” who
Still believes that, the Govern-
ment can determine output in
the longer term by injecting
demand is. absolutely right to
reject -a money GDP target. But
then he would '.have- to argue
that if monetary demand had
grown even faster in the 1970s
than "by the fourfold -increase
which did take place the result
would have 'been higher output
and not ' just- more^ inflationi-
.. The criticisms from ■ the
monetarist camp pat me in
mind of Oscar Wilde's “God

protect me from my Mends. I
can take care of my enemies.”
The monetarists nearly all
want to control the money
supply as a means to control-
ling local spending in money
" terms. But as soon as someone
tries to emphasise the aim
rather than the means he is
accused of believing «hst one
cam dispense with means, not
knowing about the rigged
effects of excessive monetary
growth and 5m other crimes.

Let me adapt an analogy
from - an article on Control

Theory in the new . London
Business School Economic Out-
look. Suppose that you are
intended to drive from London
to Glasgow. The “Old
Keynesian" critics say that
Glasgow is not a sensible
destination. The pure monet- '
arists accuse one of ignoring
the route.

The City University econo- »
mists emphasise the Sterling
M3 highway. Other monetarists
emphasise the narrower Ml. A
third group stresses putting the
right amount of PSBR petrol
imo the tank;

An emphasis on destination
enables a driver to . switch
routes in the light of obstacles
actually met or anticipated,
without appearing to do a
U-lurn or abandoning the des-
tination. New information
might indicate a change of
route, eg, from Ml to Sterling
M3 or even a sbon period on -
the very slippery exchange rate
highway. It may also indicate
a change of monetary speed.

Until some coherence is
introduced, the person who
emphasises “Glasgow" seems
to be adding to the confusion
already engendered by those
who are heatedly arguing about
which M route to take. But
the only hope of engendering
clarity is by insisting on Glas-
gow all the same.

Nor is the matter merely pre-
sentali6n or confined to the
expectations of passengers.
Unless the drivers realise
where they are going they will
be bad at deviling routes. This
is especially so for
“ permanent official ’* -drivers,
who may not believe in the
destination in the -first place.

‘ and who may be all too inclined
to stick regardless to a particu-
1 lar route because of what they
regard as a political directive,
and thus escape responsibility
if they end up in the Irish Sea.

Letters to the Editor

The purposes— and failures— of monetary targets

From Mr R Bootle.

Sir, — In his article. “ Why
mumbo-jumbo • is winning"
(February 18). Samuel Brittan
reiterated his by now well-known
view on the merits of money
GDP as an economic indicator
nr target, but he gave the argu-
ment against it short shrift, and
no doubt left those unversed
in the technicalities of mone-'
tary targets in a state of some
confusion. Yet Mr Brittan’s
enthusiasm for the concept, and
the importance of the issues,
deserve a reply. ■

There are two fundamental
purposes of monetary" targets!
The first is to act as an inter-
mediate objective. to guide (and
constrain) official policy with
the aim of allowing monetary’

demand, the ultimate objective,
to expand .at an appropriate
pace. The second is to pro-
claim a commitment to the pub-
!ir that government policy will
be directed- towards expanding
demand at thar rate, in the hope
lhat this will- influence- expecta-
tions.

By blurring this distinction
Mr Bntian may have confused
th c issue. Money GDP cannot
act as a target in the first sense.
The aim of a monetary target,
or indeed any sort of financial
policv, is to influence money
GDP in the future. Money GDP
cannot itself take on this role,
not because, as Mr Brittan
argues, statistics on it appear
with a delay of a few quarters,
nor because, as hi* admits, it
fluctuates a good deal from
quarter to quarter, but raiher
because l he mtJv feasible guides
in policy nnw are ihose current
variables which have an in-
fluence oil i he future. Even if
nmnry GDP a fistic* wore
available with as short a lag -as
thc money supply figures, this
would dn nothing to mmpen-
ane for the fac! that the cur-
rent value of money GDP does

not except in a statistical sense,
have an influence on money
.GDP in the future.

Mr Brittan might well acknow-
ledge this since he argues that
a money GDP target should not
replace the various measures of
money supply but supplement
them. This addition is import-
ant. he argues, because without
a specified money GDP objective
operating with a family of
monetary variables has “so
many escape clauses that almost
anything that happened wou,Id
be permissible within the so-
called strategy." By contrast,
given a "specified money GDP
target, operating with the same
family of variables would pro-
vide “ flexibility.” But the
escape clauses and the flexibility
seem to me to be the. same
thing. If we really do not know
what particular combinations of
the exchange rate, interest rates,
and monetary growth will keep
money GDP growing at a parti-
cular rate, we do not know it
whether or not we publish
money GDP targets.

This brings us to the second
function, for which money GDP
is a genuine candidate. Although
the Government has had some
success in reducing inflation this
can hardly be due to the success
of monetary targets. They
have been a failure partly
because they have been wildly
overshot, but niore importantly
because wage bargainers have
simply ignored them.

How could money GDP do any
better? Bearing in mind the
appalling record on £M3 control,
it is perhaps difficult to see how
money GDP could do any worse
on the score on controllability,
but in principle it is less con-
trollable than £M3, being fur*
ther removed from the instru-
ment of policy over which the
authorities do have control.
Moreover, in order to influence
it, the authorities have to con-

trol. if not £M3, then variables
similar to it

When, it comes to Impingeing
on the thoughts of wage bar-
gainers, I cannot see why money
GDP would be more effective
than the money supply. "Without
a breakdown between price and
output changes, a figure for
monetary demand or money GDP
is virtually useless. If you tell
the manager of a company that
in a year's time money GDP will
be rising by 10 per cent it
makes an enormous difference
whether this represents a 10
per cent increase in prices or a
10 per cent increase in output
If the former, his company’s
costs will be increasing by
about 10 per cent; if the latter,
not at all. In the former case,
the company might go out of
business if it did not increase
its prices by about 10 per cent;
in the latter, it might go out «£
business if it did.

This is why the Treasury
objection (which Mr Brittan
dismisses), that money- GDP
adds together apples and pears
is correct, as is the associated
objection that following a
money GDP target could lead
a government to knock an incip-
ient economic recovery on the
head. Mr Brittan’s reply to this
is to take a two-year moving
average of Money GDP which,
he argues, would not be much
affected by a short-term spurt
in output. The trouble is that
a two-year moving average
would not be much affected by
a short-term spurt in anything —
including prices. That is the
nature" of moving averages.

T sympathise with Mr Brittan's
disillusion with monetarist
*• mumbo-jumbo ” but I cannot
see how adopting money GDP
as a formal target would provide
a way out.

Roger Bootle.

Capel-Cure Myers,

Bath House,

Holbom Viaduct, EC1.

Meeting the social
need

Front 3Jr A. Glyn

Sir, — Neither of your corres-
pondents. Mr O'Brien (Feb-
ruary 17) and Mr Hall (Feb-
ruary 19) make any attempt to
dispute the contention of my
article that our present
economic system offers no pros-
pect of restoring full employ-
ment in the foreseeable future.

Of course, as Mr Hall says,
those currently employed expect
a decent standard of living. It is
not the City wbich will provide
them with the necessary con-
sumer goods, but their own
efforts. The gross domestic pro-
duct this year will be around
£275bn. Taking into account of
the numbers of unregistered
unemployed, full employment
would involve increasing the
number of those at work by
about 20 per cent. Productivity
would rise as 'well as capacity
was better utilised, so an
increase in output of 25 per
cent is entirely possible. This
would represent an extra £70bn
or so of production, represent-
ing an additional £25 per week
for every person, from baby to
old-age pensioner, m the
country. This is a measure of
the devastating economic waste
involved in mass unemployment
Goods are not produced by
money of course; but in the
present economic system they
are produced for money, this
gives the City, as guardian of
private profit, its crucial role.

Unlike the position, in 1945
the present situation of econ-
omic crisis means that Mr Hall's
criterion of what people “are
willing to pay for” (he should
have said “ able to pay for ”) is
incompatible with full employ-
ment. Production must be
planned according to the crit-
erion of social need.

LINE THAT NS1A

The

£

new issue

market

Fwm Mr R. BucklMd
Sir.— I continue W he wryly
amused at commentaries 'V* 1 ”

the Lonrinn new ishUvs markers
m especially upon their relue-
lance to employ the tender
method of nwe for equities of
Published eompamo-
MVr«- ts. ot iwil's'C
tittieoee in shew that offer* w
tiimpinv stwre^ by trftdiT
^ulve* sutwtefttianv
c J*ninB premi.; than :i Iter-
ative lived ■ pnee methods.
**?hout apparent wevoiiM’c

«ik. It been
“Wld that i'i ( ;v.:b:vnVn

Issues are consistently and
accurately predicted by your-
selves in plenty of time for

stags to swill funds out of one
bank into another. The reluc-
tance of City institutions to
innovate in tender methods
cannot be attributed to any lack
of success in their past use.
The l^ex comment (February
221 that the tender system
«• .H-it- have serious limitations
with " very lanre equity-
rtsui- “ flies in the face of such
evidence as one has For both
London and Continental
markets and it ignores the pas-
sible a I tractions of variants
such as multiple-bid Anders.,
which are eschewed by “e

City in favour of the single
shot, non-negotiabie offer.

Far from being innovative,
the City has shown itself here
to have all the marketing
sophistication of a mock
auction organiser. — and pre-
sumably the same lofty opinion
of their clients’ intelligence.
Might one, in passing, have the
temerity to ask Messrs Roths-
child to justify the “under-
writing " commission for
Asters bam International?

Roger Buckland.

The University of Aston
Management Centre.

158, Corporation Street
Birmingham

Simply nationalising the
major companies in the
economy does not guarantee a
"sucessful expansion as both
your correspondents point oul
Nationalisation must be of a
completely different type to that
operated in the UK since 1945.
Those who do the work must
be fully involved m ensuring
that what happens in their
workplaces fits in with demo-
cratically decided priori ties.-
The experience of the Soviet
Union and Eastern Europe
shows clearly, the inefficiencies
of bureaucratic dictatorial
methods. The alternative is not
to passively accept the dictator-
ship of the market but to forge
genuinely democratic forms of
planning.

Andrew Glyn.

Corpus Christi College,

Oxford.

South Africa is folly committedto

and prosperity for all

They know fhatBritain and fhe

T5festareheavily dependent on South
Afiicaforimportantminefafc like • ~

chrome, manganese, vanachum and

computers, machinetoolsjet engine^

laments. And they know

there areno major alternative sources
outside the communist bloc.

in theRepublic, they can cause
p!aturam.They knowfhese goixtJlAfnca disrupfionintheWesfc

Mtm

Furtherinforination can be obtained

The Director oflmbrmation. South African Embassg
South Africa Houses IU)iidonWC2N SDK

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U.S. BONDS

Mid-week reverse

Boliden raises dividend

shows underlying

despite profit downturn

scepticism

A NOTE of anxiety crept into
;the bullish U.S. credit markets
■last week, and eventually came
to dominate the mood. Whether
'this will put a stop to the rally
■is not clear, but it shows how
close to the surface scepticism
still lies.

; The markets began the week
;in good shape, extending the
strong rally of the week before.
■ The Fed Funds rate fell nearly
3 percentage points from the
■previous week's close to 12.50
per cent ort Wednesday, and
this helped the. whole maturity
spectrum. Encouraged by what
ithey saw, the major banks
’rut’ rheir prime rate from 17
per cent to 16; per cent while
bonds rose to levels about 5
jter cent above Their recent lows.

Yet in the second half of the
week- the market went into
reverse. The Fed funds rate
bounced back up again and
closed sharply higher on Friday
at 141 per cent. Bonds were
also off more than a point from
their highs of the week.; The
latest inflation figures, which
showed prices rising by only
IS per cent a month, failed tn
ire vide any cheer.

The change in mood s ,OTT,m ** d
oartly from the F‘ , t“ TV >l
•eserve’s apparent reluct to
add reserves to th* system pt a
line when Wall Street mnoev
narket analysts had cp'^ilpf^d
hey would be in short supply.
Some people read this as a sign
rf credit tigWening— wrongly,
is it turned out.

On Friday evening the Fed
;ook the highly unusual ptep
>f announcing that reserves
vould be over-plentiful this
week for various technical
eosons to do with treasury
leposits. This was apparently
vhy the Fed decided not to
amply rhe market last week.
This revelation, cryptic though
t is. strongly implies that the
Ted funds rate will fall as* in
idrly this week, which would be
milish for the market in
jeneral.

Yet last week's weakness was
ilso due to renewed worries
Lbout the money supply —
vhich turned out to be justified.
J1 rose by $1.2bn — not an
mormous figure but a setback
o those who were looking for
nore drops like that of the week
wfore.

Ml’s growth over the latest

quarter is now Hit per cent on
an annual basis, exactly twice
the Fed's maximum target But
the Fed’s restrained handling of
the recent alarming behaviour
of Ml has taken much of the
sting out of the money supply
crisis. If the market has any
big worries, they have shifted
back to the threat posed by the
Federal budget deficit, which
loom s larger than ever.

The decline in interest rates
poses something of a challenge
for U.S. corporate treasurers.
Is tliis one of those rare " win-
dows," where they should reach
in quickly for some well-priced
money before rates come down
further? Or can they afford to
wait?

. Judging by the compara-
tively small pick-up in the

pace of borrowing last week {.in
contrast to the Euromarkets),
treasurers do not appear to be
in any great hurry. But invest-
ment bankers report a surge
in requests for advice, suggest-
ing that the volume of new

issues could accelerate in the
weeks ahead.

In a rare “ commercial " for
the bond market, Mr Paul
Volcker, the Fed chairman, said
last week: * Given reasonable
confidence in the success of an
anti-inflation programme, to-

day's bond market would ap-
pear to offer extraordinary in-
vestment opportunities." That
is about the closest thing to

an interest rate prediction Mr
Volker has ever made.

The Treasury's current needs
— for once — are relatively
small, giving the market a bit
of a breathing space. It’s cash
balance is unexpectedly high for
this time of year, and no major
issues are planned except for
the regular auctions of treasury
bills and the like.

BY WILLIAM DULLFORCE IN GOTHENBURG

BOLIDEN. the Swedish metals
and chemicals group, reports a
fall in pretax profit from
SKr 429.9m in 19S0 to
SKr 2782m <$48.8m) last year.

The board nevertheless pro-
poses to raise the dividend by
SKr 1 to SKr 15 a share for a
total payment of SKr 69.4m.

Group sales advanced slightly
more than 4 per cent to
SKr 5.<ibm ($Lbn). Sales of
Supra, the Swedish fertiliser
company, which was sold to
Norsk Hydro during ihe year,
are included for the first nine
months.

Adjusted net income dropped
from SKr 42 to SKr 3S a share,
of which SKr 7 came from the
sale of Boliden’s interest in
Supra.

After extraordinary items,
the pre-tax profit is SKr 303m
against SKr 340m. This
corresponds to a return on
capital employed of 14 per cent,
which is 2 per cent lower than
in 1980.

At the pre-tax level. Boliden
shows a profit of no less than
SKr 330m from futures trading

in metals. Earnings by Boliden
Minerals, a mining subsidiary,
tumbled from SKr 257m to
SKr 35m while the metal sub-
sidiary slumped from a SKr 20m
profit into a SKr 40m loss.

The result Df the mining
operations was badly affected
by a production shortfall of
more than 2m tons of ore at the
Aitik mine, where trouble was
experienced with new plant
Intended to expand capacity
from Sm to 11m tons of ore
a year.

Group copper output rose by
30 per cent during the year but
lead output was halted for
several months by an explosion
at one of the works. The loss
on metals production was

mainly due to low prices.

The chemical business was
hampered by weak demand on
the Swedish market but the
devaluation of -the krona in
September opened the way for
increased exports.

Chemicals improved earnings
from SKr 13m to SKr 40m.

Mr John Dahifors, the
managing director, says Boliden

reinforced its financial standing
during 1951 by the sale of Supra
and an increase in the market
value of its investment portfolio
to SKr 750m.

The high, interest rates in the
U.S. odd to the uncertainty
over Botiden’s prospects for
1982. Mr Dahifors estimates
that earnings can be kept at the
1981 level provided business
conditions improve in the
second half and metal prices
increase.

ASTRA, the leading Swedish
pharmaceutical group, has re-
ported final group profits before
extraordinary items of
SKr 240m ($41.6m) for 1981, up
32.5 per cent from the previous
year’s SKr 181m. Sales in 1981
were SKr 2.25bn ($390m) r up
from — SKr 1.99 bn in 1980, out
Financial Staff writes.

The company reported" during
the course of last year rapid
sales growth for its drug pro-
ducts in Britain, Australia and
Mexico. Last May it concluded
a joint venture with Merck for
development and marketing in
die U.S,

Citroen loss

as bad

as 1980

By Terry Dodsv/ortii In Paris

AUTOMOBILES CITROEN, one
of the main subsidiaries of
France’s Peugeot motor group,
is expecting losses for the 19B1
financial year at least equal to
the FFr 443m ($73.Sm) deficit

Of 1930.

In what has. turned out to be
an extremely difficult year for
the French motor industry,
Citroen raised its turnover by"
only 6.3 per cent to FFr 19.1bfl.
This relative decline, after
fcikimff inflation into account,
was reflected in a further drop
in vehicle production from

622.000 units in 19S0 to 578,500.
In 1979, output had reached

804.000 vehicles.

Citroen's losses, ;-- mainly
caused by problems in Argen-
tina. was an important element
in the FFr 1.3bn deficit run up
by the whole of the Peugeot
group for the 19B1 year.

Investments last year were
maintained at around the same
level of FFr 2 bn achieved in
1980, the company says, mainly
at its new engine plant in
Lorraine. Most of the expendi-
ture on tiiis factory . has now
been made.

Bahrain issue

v*p A *

BY MARY RUNGS IN BAHRAIN

"A PUBLIC SHARE issue by
Bahrain International Bank
(BIB) has been more than 400
times oversubscribed, " with
would-be investors prepared to
put up U.S.$11.8bn for .tike 2Sm
$1 shares on offer.

Although it had been clear
for some weeks that the issue
had attracted enormous, interest,
much of . it .from Kuwaiti,
investors, the final total of funds
available" has exceeded even the
f hig hest previous estimates. ~ 1

Each Bahraini . subscriber
will be . allotted 88 shares -for
the maximum 30,000 applied
for. while residents of other
Golf states will be allotted 66
shares apiece. The difference
arises .from the fact that 20
per cent of tb6 issue" was
specifically reserved for
Bahrainis, -

BIB, which Is financed -mainly
from Kuwait, will be incorpor-
ated in Bahrain as an
Exempt Company under regu-
lations which allow a company
freedom-’ from tax liability and
from the 1 'requirement of a 51
per'~ .cast Bahraini-owned
majority, provided that it does

. not competing the local market.

So great has been the interest
in the offshore investment com-
panies proposed under this

formula,, however, - that the
. Babzvdn Monetary Agency was
obliged last month to declare a
12-month moratorium on the
formation of new offshore bank-
" ing units' and investment com-
panies. Four share issues for
offshore banks, including that
for BIB, had by- then been
approved by the BMA.

-The share ilotment was
worked out. using a factor of
-.00245 - for" subscriptions from
'Bahrain and .00172 for others,
plus 15 Shares across the board.
A total of 444,314 names were
registered with- the auditors
h andling the. issue, and 419,576
subscriptions were received.

Over 8600m was deposited
■with the Bahrain Monetary
Agency as the required 5 per
cent cash margin on subscrip-
tions, but it is estimated that
investors bad to find only 1 per
cent from their own pockets,
with the remainder financed by
offshore banks.

INTERNATIONAL APPOINTMENTS

Senior posts
at Cincinnati

Milacron

> CINCINNATI MILACROM
INC. has elected Mr Clifford R.
Meyer as president and chief
operating officer. Mr Daniel J.
SZeyer was elected vice president
finance and administration. Both
promotions are effective im-
mediately. Mr Janies A D.
Geier, who previously held the
title of president, remains chair-
man of the board and chief
executive officer.

David Lascelles

U.S. INTEREST RATES (%)

Week io Week to

Feb 26

F*b 79

Fed. fundi wkly. ev.

13.20

15.13

3-montii Trejs. bills

12.31

13.24

3-month CD

13.90

15.00

50-year Tress, bonds

13.70

14.02

AAA Util

16.00

16.33

AA Industrial

15.25

15.75

Source: Salomon Brothers {estimates).
In the vvpek to February 17 Ml rose
3 seasonally

i Dr Steward S. Flaschen has
been elected senior vice president
and general technical director
of INTERNATIONAL TELE-
PHONE AND TELEGRAPH
CORP., New York. He will have
worldwide responsibility for all
resea roll. development and
engineering undertaken by the
corporation. He is assuming the
post previously held by Mr
Albert E. Cookson, who has been
appointed ITT chief scientist, a
position most recently held by
the late Dr Henri Busignies.

joined the board of CHARLES
BARKER AUSTRALIA PTY.

• Mr Bernard Batcher, formerly
a director of Bank of American
international in London, has
joined CROCKER INTERNA-
TIONAL BANK in San Francisco
as senior vice president in charge -
of the loan syndication group in
the bank's merchant banking
division. Mr Butcher will super-
vise syndication units in San
Francisco, London and Hong
Kong. Mr George E. Williamson,
formerly senior associate in the
corporate finance department of
Morgan Stanley and Company,
Inc, in New York, will join
Crocker as a vice president in
the merchant banking division in
San Francisco. He will work in
the mergers and acquisitions
field.

Liberian Bureau of Maritime
Affairs, has been elected chair-
man of the LEGAL COMMIT-
TEE OF THE INTERGOVERN-

SJ.Ztn

S447.7bn.

to

adjusted

Mr Keiih Payne, vice chair-
man and deputy chief executive
of Charles Barker Lyons, has

• Mr David Morris, at present a
local director of Barclays Bank's
Manchester district, has been ap-
pointed a Caribbean director
at BARCLAYS BANK INTER-
NATIONAL’S Caribbean head
office m Barbados, from May 10.

• Mr Fritz Josi, chief executive
of Bank von Ernst in Bern, has
been appointed to the board of
HILL SAMUEL AND CO.
(JERSEY).

guardianship section of MELLON
BANK’S trust and investment
department. In this new role,
Mr Thompson will have super*
visory responsibility for the
administration of all decedent
and guardianship estate accounts.
In addition, he will serve as
chairman of ihe Trust Admini-
strative Committee, which
reviews all account administra-
tive policy and establishes
account compensation.

• RELIANCE FINANCIAL
GROUP .. INCORPORATED has
made the. following appointments:
Mr Michael J. Blake, senior vice
president — -taxes: Mr Bruee. L.
Sokol off, senior vice president —
administration; and Mr. Herbert
Wendeiv senior vice president
and group controller. Mr Blake
was elected vice president— taxes,
with responsibilities for. corpor-
ate taxes worldwide in- -1978.

• Dr Frank L. WTswall, Jr-
admiralty counsel to the

Dr F. L. WiswaU, Jr

MENTAL MARITIME CONSUL-
TATIVE ORGANISATION
(DJCO) for I9S2/S3.

• Mr Harry A. Thompson U, has
been appointed vice president in
charge of the estates and

• ASARCO INC„ New York,
plans to elect Mr Ralph L. Hen-
nebach chairman and chief
executive officer and Mr Richard
de J. .Osborne president, from
April 2S. The current chairman
and chief executive officer Mr
Charles F. Barber will retire at
age 65. Mr Osborne is currently
executive vice, president and
chief financial officer, and Mr
Hennebach is currently presi-
dent

O Mr E. Keans -Pollock has. been
-named director of glass research
. and development for PPG
INDUSTRIES,. .Pittsburgh,: He
had been glass patent .counsel
since 1977. in his new post Mr
Pollock is responsible for glass
; research operations at Harmar-
. ville and Creighton, Pa., and
Cumberland, Md. The labora-
tories perform . basic and
applied - research and develop-
ment related to float and special-
composition glasses as well as
automotive, architectural, air-
craft and .specialty . glass
products.

• Ms Christine Down ton has

been named senior consultant to
the president of the FEDERAL
RESERVE BANK OF NEW
YORK. £« a full-time consultant,
Ms Downton will, concentrate on '
long-term- projects, the bank said.
She will primarily provide

advice, on matters concerning
developments in interiiationai
and domestic financial markets,
and their implications for

policy.' Ms Downton, 39, pre-
viously held positions with
private United States and British
hanking and financial institutions,
as well as the Bank of England,.

• Mr Ellmore G. Patterson,
retired chairman . and chief
executive officer of -J. P. Morgan
and Co'. Inc. and its. wholly-
owned -subsidiary, Morgan

Guaranty Trust Company of New
York, has been elected a direc-
tor T of COMMERCIAL UNION
CORPORATION, Boston and of
CU Leasing Corporation. He has
- also been appointed to CUC's
committee of financial advisors.
Commercial Union Corporation
is the holding company of the
Commercial Union Insurance
Companies and CU Leasing Corp-
oration. Commercial Union
Corporation is the U.S. operation
of the London-based Commercial
Union Assurance Company.

# AMERICAN INTER-
NATIONAL GROUP lias incor-
porated A.I.G. Political Risk, as
a member of the group. The new
company has offices in New- York,
and underwrites political risk for
UK and' European companies
from its London office. Mr R. £.
Svensk has been appointed pre-
sident, based . in New r York and
Mr M. F. M. Wright is appointed
vice president, based in London.

• Mr William G. Ffaff, vice-pre-
sident of personnel and chief
EEO and labour relations officer
with the Federal Reserve Bank of
Atlanta, has been elected senior
vice-president and head of
AMERICAN SECURITY BANK'S
human resources division. He
will have full personnel responsi-
bilities including recruitment and
training.

All ike securities haring been sold \ this announcement appears as a matter of record only .

NEW ISSUE

25th February, 198 2

HONDA MOTOR CO., LTD.

( Honda Ciken Kogyo Kabushiki Kaisha )

U.S. $80,000,000

51 per cent. Convertible Bonds 1997

Nomura International Limited
Kuwait Investment Company (S.A.K.)
Amro International Limited
Credit Lyonnais
IBJ International Limited
Mitsubishi Bank (Europe) S.A.

J; Henry Schroder Wagg & Co. Limited

Merrill Lynch International & Co.
The National Commercial Bank (Saudi Arabia)

Basque Nationale de Paris
' Deutsche Bank Aktiengesellschaft
Kleinwort, Benson Limited
The Nikko Securities Co., (Europe) Ltd.

Societe Generale

Union Bank of Switzerland (Securities) Limited

Associated Japan e se Bank (EafenntkmD
limited

Alahli Bank of Kuwait (KS.C.) Algemette Bank Nederland N.V. Al-Mal Group

Banca Ctnnmerria/e Italian* Banca del Gottardo Banca Nazionale M Laioco Bank ot America lnt*rn* Hma i

limited

Bank Mees & Hope NV Baoqae Generate da Luxembourg SJL Banqae de I’lndocbme et de Suez

Bflmque de NeoSize, ScUffabager, Mallet Basque de Paris et des Pajs-Bas Banqoe IVorms BarkgBrottenACo.

Uatjifld

Caisse des Depots ct Consignations CazenoYe & Co. (Overseas) Christiania Bank eg Kreditkasse Gticorp International Group

FT INTERNATIONAL BOND SERVICE

Commerzbeuik Comgagole de fianqtve ct dlonestissanenhL CBI CoaotrBank

AlOMOfftselbctart Lkniud

CreditanstaltrSankrerem Daiw Europe Limited

DtUoDy Read Overseas Corporation

Robert Fleming & Co.
iinvM

Effectenbank-WaHxirg

Aktie&stseibchalt

Credit du Sort l Credit Suisse First Boston

limited

Deutsche Girozentrale IX? BANK

-Deutsche Koanmnalhank- Deutsche Genosseasc ha ft sb ank

Euromob&iare

Golf Finance Company limited
boBE Kune

Kredietbank N.V.

Goldman Sadis International Corp.

Kidder, Peabod^Jnternatioiial
Kimait Foreign Trading Contracting & Investment Gl (SLAJK)

Karatt int mmafrmai flj ff gt mcnt Co. Z.TCB 2afen»tional L imite d

Sauutel Montagu & Co* Limited
Nippon Credit Xateenatihoal lid.

Nordic Bank

. European Banking Company

LiinUd

Girozentrale intd Bank der osterreidusebea Sparkassen AktiengescMs ch a ft

Jardise Fleming (Securities) Ltd.

Hambros Bank
Limited

Morgan Grenfell ft Co.
Limited

Nippon Kangyo Kak uaan i (Europe)

Limited

NorddeubAeLandesbank

GnruBtrale

OsterrekhKcbe Landerfrank

Kuwait International Finance Company SAK (KIFCO)
Mfeubebz Trust & Banking Corporation (Europe) S.A.
Morgan Guaranty Ltd

Nomura International (Hong Kong) Ltd.
Okasan International (Europe) Ltd.

New Japan Securities Europe

Limited

Orion Royal Bank

Samra Bank (Underwriters) limited

Sanyo International Ltd.

Socifte Generate de Bamjne S.A,

STensIca Handrishankra
The Taiyo Kobe Bank (Luxembourg) S-A- Tokai Bank Nederfend NTV.

Vickers da Costa International Ltd.

Smith Barney, Harris Upham & Co.

Iroqwisted

Sparhmtonas Bank. Sumitomo Finance Hatamtional

Sfamd i mriskH E tt skfid a R a n k en
Sodftd Seqaanaise de Basque

u.s. DOLLAR
STRAIGHTS 1

Anheuser-Busch 16*j 88
APS Pm. Co. MU 86 ...
APS Fin. Co. \eU 89 ...
Armco O/S Fin. i-.*j 85
Bank Montreal 91
Br. Coium. Hyti. 16*4 83
Br. Cofum. Mfa. 17 S7
Gan. Nat. Ren I MS 51
Caieroilter Fin. 1GS 36

CFMP 16S S6

CJBC J6S 91

Citicorp D S 16*4 So. .
Cities Service 17 83
Cons.*B3lhur5l 17S 68
Duoont O/S 14-2 33 .
Dupont O/S Cap. 0.0 90

ElB iS’c 91

Gen. Elec. Cretin 0 0 32
Gen. Elec. Credit 0 0 93
GM*C O/S Fir,. 7SS S4
GMAC 0/5 Frn. 16 Bo...
Gull Stales O/S 17-* 88
Jdpjr Airlines 15u 83
Nat. 8k. Canada 154 83
Nat. West 14’a 91 ...
New Brunswick 17 88
Nevt h Lab. Hy. 17^ £9
Ohio Edison Fin. 17 J 2 88

OKG 7 51 97

Ontano Hyd. 16 91 (N)
Pac Gas fit El 15** B9
J. C. Penney GL 0 0 94
Quebec Hydro 17l» P7
Quebec Prov. 15"-» 89. .
Saskatchewan 16U 88
Statsrareui 15>» 37 ...
Sweden 1 23

Sned. E* Cretf 16^ S3
Texps Eastern i5 r i 88
Transcanada 17^» 88 ...
Transcanada 15 59 ...
iVinn 17 56 ..

WMC Fm. 15* ? 88

^orld EL>nk IQ:. 86 .
World Bank 16^ 88 ...

lied
100
60
75
50
150
100
54
ICO
100
100
100
150
150
60
400
300
100
400
400
300
150
60
SO
40
100
60
75
75
50
200
80
350
150
150
100
50
ISO
75
75
75
100
50
50
130
100

Chang* on

Bid Offer day wreak Yield
102*103** 0 +<* 15.71

104b 105 0 +04 15.64

100*2 101 +0* B +0*h 16.04

S9*a 99% —OS 0 15.51

101** 101S 0 +1V15-92

102*1 102*i +Pt +1*i 15.59
TO % 0 +0*i 16.25

94 T » 95^ 0 +1 3 * 15.59

102 T i 103*i +0*i -4- (Mi 15:43
102 102*2 0 +0** 16-29

102*1 1CO\ +(H, +11, 18.03
103*8 103 7 ! 0 +0^15^1

103*i 104** 0 +0*h 15^3

102^ 103*, -0*i +0*« 16.69
OS** 98*4 -04 +1*i 14^2
34 1 * 34*4 +0*i +0^ 14^9
102*- 103 +0*s + ii, 16.11

29 29*2 +1*1 -0^12.98

26*4 26* +1*i +1* 12.48

1 (nu 107^ 0 +or 2 15.71

98 98> 0

103V 104* 4 0

100*1 100V 0

100V 100V o
96V 97V 0

105 105V +0*» +0*r 15.60
103 r i 104*8 0 +0*= 16-22

104V 104V 0 +04 16.26.

95*a 98V 0 +0* 2 16.00

102 102L +0*i +1*, 15.49
100 100V +0*. + 0*8 15.66
20 20V -OV 0 11.12

109V. 106V +0V +1*/ 75.93
96 96*- +0*. +1*116.09

101V 102 +0V +0V 15.75
95V 98V -OS +0*j 16.18
94V 94V +0*i +TV 15^3
100V 101V -0*1 +0*4 16.23

99 99*, +0*i +0* c 16.02

106*2 107 +0** +0V 15JS3

98*2 99 0 +0 7 * 16.24

104V 105V +0*i +0V 15.37
96*2 97 0 +0*i 16.28

103*, 103s, +o*i +0*1 15 J33.
103.103*, +0*. +1\i 15 JO

-QU 16.47
+0*i 16.35
+0*i 15.11
+0*8 16.98
+1*i 15.30

Average pries changes.. On du? +0*« on week +OV

DEUTSCHE MARX
STRAIGHTS

Australia 9-i 91

BcJgeJscinc 11 9] ......

CECA 10 91

Conn, of Europe 10 91
Coun. of Europe ID** .91

EEC IO*, 93

EiB 104 91

ElB 9»„ 88

Finland. Rep. of 10*2 86
Inter- American 10 91...
Imer-Americon 103* SI

Ireland lO*i 86

Mexico 11 88

Midland InL R n . 3*2 90
Ml. 6k. Dnmk. 10*2 91

Mar. West. 92

New Zealand 69 ..

Issued

300

100

120

TOO

100

100

200

€0

IDO

100

100

100

100

180

1QO

100

200

OKB IQ** 91 -ISO

OKB y* 86

Quebec Hydro 1 OU 91 —
Swed. En. Cred, 91

Vsnezuele 11*- 91 ‘

World Bank 10 91

150

15D

100

100

250

ChdDQ B on

Bid Offer day week Yield
98V 99*i -0*. +0*» 9.55

107*8 ion +OU +<Ti 10.72

1004 1014 +0*8 +04 9M
9941004 0 +0410.01
1004 1014 +04 +04 10-02
10041004 —04 0 10.03

1024 1034 +04 +04 10^2
994 994 +04 -04 9JB6
1004 1014 +0*i +04 10.19
1004 1004 —04 +04 9.91
7004 7074 +04 +04 10.07
994 1004 -04 +04 10.10
1004 lOO 5 # -04 -04 10.90 -
934 9ft** +*14 +04 9.58
994 1004 +04 +04 10.44 '
100 1004 -04 0 934

1004 1004 -0V 0 9.64

1004 100*4 0 + 0*i 1032

99 994 -04 +04 9.89

7014 102V -04 +04 8.69
994 100 0 +04 10.29

994 1004 -04 +04 11.46

1014 102*1 +tr, +1 . 9.68

OTHER STRAIGHTS
Can. Utilities 17 96 CS

CISC 154 89 CS

Pancanadian 164 88 CS

Quebec 174 87 CS-

Quab. Urban 164 B6 CS
Tordom Cpn. 164 88 CS

TrartealTs 17 B9 CS

M. Bk. Dnmk. 9 91 EUA

SOFTS 84 39 EUA

U Bk. Nwy. 94 90 EUA
Alffemene Bk. 104 S$ R
Amiss Group 12*4 86 R
Amro Bank’ 12 86 PI ...
Amro Bank. 12 86 FI ...
Heineken NV 10 87 FJ„.
Pierson 104 86 FI

Rabobank 12 86 FI

Air France 144 86 FFr...
Bk. America 14496 FFr
Cherb'nages 134 85 FFr

EIB 144 88 FFr"..;.

La Redoute 144 85 FFr

OICB 14 86 FFr

Solvajr ax C. 144 88 FFr
Sw©d. E. Cr. 144 88- FFr
U. Mex. Srs. 14 85 FFr

Acona 14 85 c ;

Beneficial 144 90 £

BNP 134 91 £

CECA 134 88 £

Citicorp O/S 134 90 £♦..
Fin. Ex. CrecL 134 86 I
Gen. Qec. Co. 124 B3.E
Hiram Walker 144 86 £
Privetbanken 144 88 £_'.
J. Rothschild 144 90 £
Royal Trastco 14 85 E.^
Swed. Ex. Cr. 134 SB C

Ak*o 94 87 LuxFr

Eurarom 94 88 LuxFr
Eurofima 704 87 LuxEr..i

EiB 84 88 LuxFr

Volvo 94 87 LuxFr

Issued

'50

75
. 65.

20
25
60
. 25
40
18 *
' 60
40

76
60

100
50
50
200
250
>400
300
126
400 '
200

94 ’ 95-

150

20

20

15

20

SO

15

50

.12
12
; 12
20

500

500

500

600

500

Change on

. Bid Offer day week Yield
‘198 . 99 +04 +1417.25
T944 96 0 +0417.07

197 974 +04 +04 17.16

+1024 1034 +04+04 16.57
tlOO 101 0.0 16.53

197 974 0 0 T7J7

1984 994+04+7417^5
864 88 0 +04 11.18

78 794 0 +0*4 13.02

914 934 0 +0410.95
964 584 +04 +04 10.53
1034 1034 +0*4 +04 11-22
102 1024 0 +0411^7
102 1024+04 +0411^1
964 964 +04 -04 10:93
974 8B 0 0 1037

102 1024 .0 0 11JZ7

954 664 0 +04 15^4
-04 -04 18 J6
964 -04 +04 16.42
914 -04 -0416^3
93 -04 0 17.15

944' -0*i -04 16.10
96 -04 +04 7634
954 +04 +04 18.26
934 -04 -04 17.04
924 0 +04 16^7

864 —04 +0*4 17J0
884 +04 +1 16.20
914 +04 +14 15^9
924 +04 +04 1SJ9

93 . 0 +14 1637

864 +OV+14 15.46
954 +04 +0*^ 16.08
924 B. +1416.71
944 +04 +04 15.43
964 +04 +04 77.91
944 0 +04 15.99

894 O
89 0

94 . 0

904 0

0

EUROBOND TURNOVER
(nominal valae in 9m)

Euro*
Cedel el ear

U^. ? bonds

Last week 5,376.9 11,447.4

Previous week 6,435,2 11,158.5

Other bonds

Last week S392 558.8

Previous week 969.4 711.8

90%

02

93%

9«T

92%

91*.

85 1 .

87*,

90*,

91*,

92

an

sv.

91

337.

«V

93S

88*, 8%

+0*, 11 J7
+0*. 12.82
+0«i 12.12
+0*, 12.18
+0*. 12.55

0*.

0*,

o 1 .

Average price changes .. On day 0 on week +W«

Issued

SO

m

100

Limited

Tokai Kyoira Morgan Grenfrfl

Yereins- und Westbank
AkiicaG(HibcknIt

& G. Warburg & Co. Ltd.

Wabo Iutanational (Europe) Limited

Wood Goody

Tatnaidii IuterBatioual (Europe)
Uad ie d

Yokohama Asia
. ..Limited

SWISS FRANC
STRAIGHTS

Anson Transport 74 92
Asian Dev. 8*nk 8 90
AusrraJia 6*. 83 .........

Balgelactric 7 1 , 91

Bell Canada T\ 93 ...

BeL de Auiapisus 8 90

Denmark 7*« 9l

Doeie Peirdaum 7U 90

EIB 92

EJet. -da Franca 7 92 ...

ENEI. 6 92

Gensiar 7 91

1 /S Elsam 8 l 4 91

Japan Air Lines 7 1 * 91
Nadar. Gssunie 3 91...
Nippon T. and T. K 22

OKB 7*, 91

Oslo. City of S 91 100

Ost. Donsukraft 7 92... 100

Saint Evonne 0^ 91 20

5wod. Ex. Credit 7\ 81 7S
TNT O/S Fin. 8 31 ... -BO
Tran scan ad j Pipe.' 7 34 100
Unllaver NV 7** 93 ... TOO

World Bank 7 » -100

World Bank 8 91 10(7

Bid

Change on
Offar day week Yield

TOO

50

100

100

100

100

44

100

60

100

100

100

100

1011, 101 j, +04 +1
102 1024 +0*, +TV
1014101*, +04 +04
1004 1004 +04 +04
103 103>. O +04
384 334 - 04 +fP.
ST 974 0 +04

1014 1014 +04 +Z4
984 99 +04+14
974.98 0 +04

984 994 +04 +04
1004101 +04 +04
1024 TOP* -04 -04
102 10Z4 0 0

1064 1064 +04 +14
994 394 +04 +04
1984 99 +04+04
1044 1044 +04 +i

9T, 984 -04 0

1044 1044+04 +04
964 864+04+04
KB 1034 0 +04
1004 KM -04 -K
t104*i 105 +04 +14
-04+04

7^2

7.65

6,56

7.44

6- 85
8.16

7.67
6^6
7.41
731
8.15
6^8
8JJ9
834

7- 06.

6.68
7.43
7.29
739
7.80
730
7ST
6.89
0.89
7.18

FLOATING HATE
NOTES Spread

Bank or Montreal 54 91- 04
Bank dF Tokyo 54 91
Bk, Nova Scoria 54 S3

BFCE S4 88 _ ,

BFCE 54 87 04

Christiania Bk. 54 91... $04
Co-Ban Euro fin 54 91... .04
Dan Norjika Cred. 54 90 04
Ganfinancii 54 92 Oi«

Giro und Bank 54 91 ... «4

GZB 54 92 «J4

Ind. Bank Japan 54 88 04
Llovds EuroRn 54 93 ... §04
LTCB Japan 54 89 04

Midland Int. Fin. 9 91... 04
Nacional Fin. 54 88.. -04

Nat. Bk. Canada 54 83 04
Nat. Wear, Fln.^4 91.:.. «J4
Nat. Woai. Rn; 54 9Z.. §04
Nipoon Credit 54 SO ...
Nordic Int. Fin. 54 91...
OBshore Minins 54 91

Pemex 0 9T

PKbanken 5 31
Same int. Rji.; 54 88...
Scotland lnt:'54

Sec. Pacific 54 97

Sooiefa General, 54 91 '
Standard Chart. 54 91
Sumitomo Fin. 54-88...
Toronto Domin'n 64 92.

Average price «hang

* No .information available —
previous day’s price.

t Only one market maker
supplied a price.

STRAIGHT BONDS: The yield
is the yield to redemption of
the mid-price; the amount issued
is in millions of currency units
except -£or Yen bonds where
it is in billions. Change on
week —Change over price a week
earlier. .

04

04

04

04

OY

04

04

04

04

04

04

04

Bid 'Off isr c.dta
994 994 29/4
100 100410/6
994 1004 29/4
. 994 100 28/4
994 1004 27/7
994 994 6/5
984 99414/4
374 874 4/6
994100 30/6
394100 23/3
994 394 6/3
984 » 9/5

994 100 29/4
994 994 18/7
994.100 .30/4
1984 974 25/3
9941004 24/3
394 394 75/7
994100 23/4
994 994 10/8
984 99 8/5

984 384 2/S
984 974 8/4
384 33417/6
1994100 24/3
984 984 23/3
984 : 984 24/5
'984 994 22/7
'984 98418/5
994 994 9/8
994 997,11/8
On day- 9 on

C.con

17.08
134
17.06
1634
164
18

16.69

13.58

154

14.08
134
13.31
17.13
1531

17.06
17.31'
1731
18.19
17

16.06
154
13 .
17
144
174
1334
134

1331

16

164

kO

C.yld

17.13
1332

17.08
163B
1637

16.08
.1636

13.89

-15.54

14.70

1331
13.48
17.17

15.39
17.11
17.85
1731.
15.26
17.04

16.14
1532
1330'
17.55
1432
17.23

14.15

13.40
15.42

1332
16.06
16.44

FLOATING RATE NOT!
Denominated in dollars unit
otherwise indicated. Coup
shown is minimum. C.dte=D;
next coupon becomes effects
Spreads Margin above six-mon
ottered rate (+ three - monU
5 above mean rate) for U
dollars. C.cpn — The curre
coupon. C.yld = The curre
yield.

CONVERTIBLE BONDS: De
nominated in dollars nnlesi
otherwise indicated. Chg. das =
Change on day. Cnv. date = Firs,
date for conversion into shares
Cnv. prices Nominal amount oi
bond per share expressed ic
currency of . share at conversion
rate fixed at issue. Prem=Per
centage premium of the currenl
effective price . of acquiring
snares via the bond over the
most recent price of the shares.

1044 1044 +04 +14 7.31

Average pries changes... On day +04 Off wnfc +04

YEN STRAIGHTS Issued
Asian Dbv. Bk. 84 81 15

Australia 54 S3 '. 20

EIB 7 4 89 12

Finland, Rep: of 84 87 15

Hnt.-Anwf. Dev. 84 '91 15

Change on

BW Offar day weak Yield
99 100 +04 -04
91 924 0 +04

98i, 994 +04 0

9941004+04 0
1014 1024 +0>, +04

839

7.9*

8.45

8.53

CONVamBtF . . : . Cmr. Qw.

BONDS data price

AJftiamofo 54 98 ......... 7/51 MS

Bow Valley Inv. 8 95 .:. 4/8123.12
BndgesMna Tire 64 96 3/82 470

CflBon 64 35 .^-1/81 829

Daiwa See*. 54 96 ,,....12/^5133
Fuiitsu Fan uc 44 96 ...10/81 6770
Fuuikawa Elac. 54 98— 7/81 300
Hanson O/S Fin. 94" 98 8/81 138
IJjtBChi Cable 54 «U... 2/BZ 515
Hitachi Cred. Cpn. MB 7/81 1723

Honda. Motor 54 37 3/82 863

Inch cape 8 95 2/St 4J5

Kawasaki: 54 96 ....i... 8^1.-229.

Marul -8 98 ^ 7/81 ' 931

Minolta Camera 5 98:^.10/81 909

Minorca 94 37 5/82-8.16

Mureta B4 36 7/81 2190

NKK GV96 7/81 183

Nippon Choml-C. 5 9f...10/81 819
Nippon Eleerrie 54 8^^3/82. 846
Oriwrt Finance 54 97- 3/82 1567'
Sanya Dactiic 5 98;...^JO/B1 852'
Sunritohio Mat. 6>, 36.:,10^ 305
Swtu Bk. Cpn. 64 flO/J^5/«l t91
Koniahiraku 6 90 DWt ... 7/82 585
Mitsubrebl H. 6 89 DM Z/8Z; 263

Chg.

Bid Offer day Pram
®84 884. —24 -233

« 7L 47 58

?74 89 s , —24 “A33
J?4 *«»4 -2 1.48

.To8 70 —1 . -7J9
. 10V. 102*. - 6 *. TJ56
^112-113 -+04 —0JS2
*1*9 .90 — —2 94

BR, 074 -34 -l^fi
754 774 -04 : 0.66
^4 «4 -«4 -IAS
.1804 62 -04 17J!7

8.16

834 644 -1V 3J58
884 884 —04 10.1t
-O 5 J 4 - 664 —14
734 -75 -44-2046

674 «4 -34 . OJ33
-14 «1
■ 884 894 -3 ■ 2JB
704-72. -34; 1.47
«4 884 —34 -2.30
714 734 -HI4- 16.67
1004 1014 -3 -AJ4
954.954-24 322

’© Tha'rfinanclal Tlnwa Ltd., 1982; -.9apradvctlsir.4ii.whDl(

In -ram r* In e»iir fnrtf, n#n»- ,n».,..ln a J * leelwU^,.- —

The list shows the 200 lates
international bonds for wbic]
am adequate secondary marke
exists. The prices over the pas
week were supplied by; Krediel
NV; Credit- Commercial di
France; Credit Lyonnais; Com
merebank AG; Deutsche Banl
AG; Westdeutsche Landes ban]
Girozentrale; Banque Generali
du Luxembourg 3A; Banqut
Internationale Luxembourg
Kredietbank Luxembourg
Algemene Bank Nederland NV
Pierson, Heldring and Pierson
Credit Suisse/Swiss Credit Bant
.Urupn Bank of Switzerland;
. Akroyd' and Smithers; Bankers
Triist International; Credit Com-
merer al de France (Securities)
London; -Citicorp Internationa]
• Bank; Daiwa Europe NV; Deltec
.Securities (UK); EEC; First
Chicago; .Goldman Sachs Inter-
national Corporation; Hambros
Bank; IBJ International; Kidder
Peabody International; Manufac-
turers Hanover; . Merrill Lynch;
Morgan^ Stanley International;
Nikko S e c u r i t i Company

(Europe); Orion Royal Bank:
Salomon Brothers International'
SamneT Montagu and Co.; Scar+
du^avian Bank; Societe Generale
Strauss Turnbull; Sumitomo
Finance International; S. G
Wariurr^ and Co M - Wood Gundy.

m . f— ; .

% L

Sm,

r.'l • I .

T~ ; ■

eiai T lines iMouday March I I9S2

awl Markets

15

INTERNATIONAL CAPITAL MARKETS

ek-.

National bonds

A ^

Flood of new
digested with ease

CREDITS

issues

§ month Enro-carreney interest rates

■'

■

. " * • •

-

^ . t-apitai markets
functioning like a well-
■.--■v*P*. piw* of machinery last
PWiding reliable ser-

> bor,, «wers. investors,

' jpd issue managers.

> Quiet precision the

- Eurodollar bond market
. churned out 16 new issues and

. managed to process them with
relate ease. Nearly $i.2ba of
new fixed-interest paper was
‘ ftunehed and a surprising por-

tipn of it was good quality
----- material.

In the secondary’ markets

- recently , launched Eurodollar
bonds gained up to one point,

® Q r° bonds i points,

and Swiss franc foreign bonds

■..t points on the week. The

markets were not rallying, but

. .they were certainly performing

D nr .manner. Government and lead-manager Finally, the higb-ooupon game.

injenS Ur ^ a »oc dld not hurt ^ “ org8n Guaranty is providing a was also played in the bulldog
interest rates were coming temporary guarantee until the

?v OW ?} m mai "kels . from New Canadian Parliament approves **ond mar kot inhere foreign
iork to Zurich. The -six-month its own. By Friday the grey- 'borrowers tap into domestic
. Eurocurrency deposit rates market middle price was i per ^ sterling. TransCanada Pipe-
(sce chart) have been falling cent off the 994 issue price. Lines, already known as the
and so have bond dealers’ There wr ofter attractive borrower wWch paid 17$ per
inventories. - in cent an Eurodollar market.

Throughout . most of the well s^S jumped into the bulldog sector

week Eurodollar traders found t i, e wnrM • 65 _ s . with a generously, priced £25m

good buying demand and many Burroaehs znrf rh* hr deal. The motive in this case

.had to scramble at times to tS? .2S? appears to be the desire to seH

• cover s<iort posiCsns. The com- dtwT top^ualto Strtl a 5UC< ^ ssful i^ue and establish
Ltow e d 0f d ea Ls I S Sl s l2 I , S 8TSAS Stttifi » 1 track-record for wiB.

«!%?&£ in ■&-H5 *“»«* “•**»

ledge that their inventories

were making, rather than losing what was probably even more

heartening than the way the

■

■

Pakistan gets what it wants

Alan Friedman

counting up Polish interest pay-
ments and wondering what the
next event would be in
Romania's game of give-and-
take. A meeting of Poland's
key Western bank creditors in
London on Friday seemed to
result in a delay beyond the

3«.rvment
signed.

BAN Kbits GAN - argue for Pakistan rejected the bid, demanded were simply unrealis- The management fee has not already hinted at rather hefty

hours about the relative attrac- which ranged from 1 per cent tic; But a market takes more been disclosed, but the group borrowing requirements,

tions 'of a particular Eurocredit to 1 per cent above the London than one, ' obviously sees something which In Europe bankers were busv

borrower, but last week saw interbank offered rate (Libor). -pv resu i t of ^ some other banks- did not. Bank

, Pakistan achieve what Pakistan What Pakistan wanted was a tbat _ f America fanned of America is agent and its part-
wanted — despite a divergence range of spreads from i per cent its ijym ^ retunied t0 ners are Chase Manhattan,

of opinion' among its prospective to i per cent instead. The going face ^ Pakistanicfficials. Now Gulf International Bank,

lenders. . rate on its 15-month ?20Qm its ^ won the mandate Morgan Guaranty, and the

AJbout three weeks ago a credit last year was * per cent f 0r . homnvise worth siTSm. Habib Bank,

group of seven banks — Arab over Libor, though an the ^ worin * ■ ^ , T

Banking Corporation, Bank of troubled months of 1980, there There are three tranches in _ Meanwhile, in Latin America,

America, Chase Manhattan, was even a spread of If per cent the credit : The first is 575m business is not exactly booming. _, 1( .i.. n . moared March 4 date

Chemicil Bank, Citibank, GoH above Libor. for one year and the spread Is Son* bantaniy hpe thelWliwhwiaUie

International Bank, and Mann- But a strong view was taken 4 per cent above Libor. The their country lending Urn is and

facturers Hanover Trust — com- by the' Government of Pakistan second is 550m for two years ^ 0UD ° nee< I t0 race

bined to bid for a $3 50m multi- and as a result, the seven-bank and carries a f per cent margin. - acb0tt -

tranche thr ee -y ea r credit for syndicate split up. Citibank, The last is three years, also Ecuador is said to be scouting

Pakistan. for one, felt the terms being 550m, with a 4 per cent spread, for short-term fund', Irving

EUROGUILDER NOTES

Foreign investors ‘buy the currency’

■ ■ ■

PROSPECTS OF another size- Bank (EIB) issue at 11 per cent trie ted to notes issued by Butch short — usually 5-year — maturi- with up to two foreign banks
able Dratcfa of payments Tn 1951 13 issues with a total borrowers. ties are the norm for Euro- taking part in the management

sUndns this vear and the result- vaIufi of m L01bn C* 39lbn ) were Established in 1969 to absorb issues. syndicate. On larger supra-

ine firmness of the euilder have ma *i e - Th® central bank, whose inflows of speculative foreign Euroguilder notes are not national issues, however, up to

tofr«isedtfca ^attractiveness of penaission is required, allows a capital which threatened to dis- underwritten but are sold on a four foreign co-managers are

SeEmogSlder awe market. issxle CTer 7 four yreeis 011 rupt domestic monetary policy, best effort basis with no stock now permitted.

'Itoe Netherlands Central Bank avera S®- the Euroguilder note market is exchange listing or prospectus. Euroguimer market yields are

stm keeps a close watch on its with the official forecast for a now proving a useful siphon for A strong el emmit of self control 5“™“^, 1°™* V?“ h °"

u " — * — is built into the market, given doLlar issues, but Dutch notes do

was going to be

Alan Friedman

own small corner of the Euro- 1982 balance of payments sur-

surpkis domestic funds.

bond scene but it has eased P Lus of FI 13bn (55bn), the The Central Bank, while still J*e Jjj ^a-i' °Mcio°r Q Th?%cond2!

some controls recently. Central Bank is now quite happy reluctant to allow the guilder to J wo fc .. lar |? 3>utch commerciel warK _ 10 . me seconaarj

Two new issues have been to encourage capital exports. So take on a reserve currency fSSSl

made so far this year-e FI 100m from January, Dutch investors role, has also increased the size

placement by tjbeGOTerannent- -have been able to take up notes of the issues it allows. It is still SjfJJgSSgT marchant bank '
lacked National In v est m ent issued by foreign borrowers j>n keen to mangto a distant* “S subsidiaries.

Bank at 114 per cent and a the Euroguilder market. Dutch between the Euroguilder and Issues must be lead-managed

FI ram European Investment residents were . previously res- domestic guilder markets and by one or more Dutch banks

market has been attractive in
recent weeks with foreign
investors “ mainly buying the
currency,” according to one
dealer.

Charles Batchelor

money

On the investors’ side, the maricet digested new pag>er was
appearance of top quality Triple the fact that last week’s flood
A rated names brought the seemed to affirm the viability of
stay-at-home types back into traditional fixed-interest paper,
action. Zero coupon bonds were ^ or a while last month it looked
traded by a number of London- 35 though zero coupon bonds
based institutions and retail in- and boating rate, notes wotfd
vestors. New issue managers become the mainstay of the
found eacer Swiss retail inves- Euromarket,
tors stumping up capital. Not all is rosy however, and

There was also a good deal it remains to be seen whether
of swopping _ by investors the rise in U.S. money supply
moving from Yankee bonds to will unnerve European capital
Europaper and others moving markets,
from more seasoned to newer In the' Euro D-mark sector
Eurobonds. . . Naflnsa, Mexico’s state finance

-The market did not respond bank, is in the market with DM
with such fervour just because 150m of ten-year paper carrying
it was in a good mood, however, an extra-large 11 per cent
The Good of new paper, was coupon. This is getting to be
ibeing digested because a lot a Mexican practice (and an un-
of funds are being attracted by derstandable one), as premiums
-well-executed deals. And the are paid for - much-needed
Eurodollar market continues to money,
discriminate, passing over the The $100m 17 1 per cent
less exciting coupons and Mexico papw is another
maturities. example ; the 15-year adjustable

Among the best issues is the coupon bonds — effectively
-$150m. five-yea r- Canad air 15* three-year paper — proved so
per cent paper. The company attractive coupon-wise that the
is owned by the Canadian issue was Increased to $130m.

Borrowers

Amount Avllfe Coupon

m. Maturity yean %

Price

CURRENT INTERNATIONAL BOND ISSUES

Offer
yield
%

U& DOLLARS
Amanda§

Occidental petrol.

Canadair$

Hiram Walker}
Citicorp}

.■30

7 S

150

75

125

EJB} 150

Australian IniLOevt Bank} 50
CMA} 75

Fujikura Cable§ 20

Nova Scotia} 75

Austra'ian Res. Devt. Bank} 30
Burroughs Corp. ' 50

Worid Bank} 350

Rest Denki Co.§ 15

Dome Prtro'eumtl -
Swed. Export Credit

Swed. Export Credit}

1997

1987

1987

1989

1997

1989

1987

1997

1997

198P

1987

1988

1988
1997

1989

15

100

300

5'

7

15

5

5

10*

15

7

5

6
6

15

.7

12

15*

16

15tf

15*

154

15*

99J

100

100

100

99

100

100

100

93i

*

994

100

100

Nippon Kangyo, Schroder
Wag& Nomura Inti..

DaMdii Kangyo *

SBC Inti- Dean Witter
Reynolds *

Morgan Guaranty 15376

SG Warburg 16.000

CSFB, Citicorp IntL
Bank 15-5001

15500
15500

Citibank

BNP. CSFB, Caiue des
Depots et

19J0

15575

Nomura IntL *

UBS Secs. 15.750

SBC Inti. 15460

Kidder Peabody Inti. *

Doritsdic Bank 15580

NiMro Seek, Wardley *

Sodete Generate —

Morgan Stan ’ey. B ank of
America, CSFB *

Morgan Stan'ey,

Goldman Sachs 14500

Borrowers

Amount

m.

Maturity

Av life
years

Coupon

%

Price

Lead manager

Offer

yield

%

D-MARKS

Nippon Sheet Gbss§£

30

1987

5

7

100

Deutsche Bank

7.123

Murata§

50

1990

8

• ■

100

Bay. Vereinsbank

ft

Spanish Telephones

100

1992

TO

101

*

Dresdner Bank

ft

Nafinsa

150

1990

8

IT

ft

Dresdner Bank

ft

Electricite de France**}

100

7992

10

9*

100

Bay- Hypothekcn

9.875

SWISS FRANCS

Toyo Kanetsu**§}

20

1987

—

51

100

SBC

5.875

Casio Computer**!}

80

1987

—

6

TOO

UB5

6.000

Quebec}

■ 100

1992

—

7i

100

UBS

7J75

Amada**§

50

. .1987 . . .

—

»

100

UBS

ft

Co-Op Denmark}

25.

1992

—

8|

100

Bank Hofmann, Banqne

■

Scandinave en Suisse

8.375

Satfcatchewan**}

150

1988

—

7}

99*

cs

7.455

Mexico**}

100

1987

—

8*

100

UBS

S500

Hiram Walker**}

100

1988

—

7i

TOO

CS

7500

SCN

100 ■

1992

—

ft

ft

CS

ft

.TPr^LING

-

Trsn-Canada Pipelines}

25

2007

25

16J

98-534

Hambros Bank

16-740

FCl.t’s

-

Coundl of Europe^

25

1990

8

M*

100*

Societe Genera! e, Banque

.

Bnvxe !l es Lambert

14590

YEN

-

.

.

Usiminas**}

lObn

1992- .

8*

9

100

Bank of Tokyo

9.000

World Bank

20bn

1992

10

ft

ft

Dahva Europe

•

* Not yet prloed. t Fhnl term*. *• Plasenwnt.'. t -Fleeting rata note. O Minimum. § Convertible, tt Repisterad with
U.S. Securitiee and Exchange Commission. 4 For first three yean. Note: Yields are calculated on AIBD bsals.

KUWAITI DINARS
Dart and Kraft}

1989

Hi

99

KIIC

11.969

r

All thosnBoixte boro been soitiThB'armouixameptcppacascisainaltarcfrgooid only

1

US$ 150,000X100 •

Zero Coupon Bonds due 1992

i. —

Unconditjonally gunranfeed by

The Republic of fiance

Offering price ; 25.82% of principal amouni at maturity

t ■

Credit Commercial de fiance
■ m
Bank of Amorica International Limited •

Dresdner Bank Afctiengesellschaft ♦ The MKko Secuiato® Co^ (EraopeJIM.

■ b .

Soci&tt G6n6rale de Banque S A.

L

r

Newlsus *- Kebrucay 22. 19E2

All those Bonds have been sold-ThfecmixiuncemeniappaaiscB a maBarofrecbcdccig

rt
$ ?
t t

v

US$ 150,000,000
Zero Coupon Bonds due 1994

fTnrrw? H Innqfly ipiuaianteed lw

The Republic of fiance

Of ering price 1 19^5% of principal amount at maturity

e ■ " e ■

Credit Commercial de fianca

3ank of America Intsmationcd limite d * BanqueBroxellBs lumber! SA.
DiesdnerBanklUrtiengesellsdiaft ♦ MerdttLincilntenitdtoKil&Co.

Hie Nikko Saanities Co. (Europe) Ltd »

Soctetd GAn6rale de Basque SLA

i* -K 1 ;>;2

J

This announcement appears as a matter of record only.

U.S. $315,000,000

Middle South Energy, Inc.

FEBRUARY 19S2

credit support by .

Middle South Utilities, Inc.

and its subsidiaries . .

Arkansas Power & light Company Louisiana Power & light Company

■

Mississippi Power & light Company New Orleans Public Service Inc.

■

~ ■ Loan Facility

■ ■

Lead-managed by

Credit Suisse first Boston limited

Commerzbank Aktiengesellschaft Credit Lyonnais

Midland Bank Limited . Westdentscbe Landesbank Girozentrale

The Industrial Bank of Japan Trust National Westminster Bank

Company Group

■

Managed by

Den norske Creditbank (Luxembourg) S A.

Basque de PUnion Enropeenne

Cajmam IslaodsBrasdi

The Hokkaido Taknshokn Bank, Ltd. (Taku-Gin)

Singer & Friedlander Limited

Williams & Glyn’s Bank Limited

, . Provided by

- ■ ■ ■ ■ m

Ifamco EGspano Americano, SJL Banco Totta & A pores Banco Urqnqo HHspano Americano Ltd.

Oyan Idodi Biaocb

Tfanfr of New South Wales Bask of Scotland Banqne Arabe et Intematioimle dlnvestissemcnf (BAH)

Banqne Enropeenne de Credit (BEQ

Basque Coutinentale do Laxemboozg SjL

Banqne Franpaise do Commerce Exteneor

■

Christiania Bank Luxembourg S.A.

Credit Suisse First Boston

JJaM .

The Hokkaido Taknshokn Bank, Ltd. (Taka-Gin)
International Westminster Bank PLC
KflraflUk International Bank S*A.

Commerzbank

AktuBgaalhchBft

Dahva Bank Trust Company

Banqne de !■ Union Enropeenne

Cayman bluds Branch

Credit Agricole Credit Lyonnais

Den norske Creditbank (Luxembourg) S.A.
The Industrial Bank of Japan Trust Company

The Mitsubishi Bank,
PSP & Company (UX)

TJmimI

EMnwozt, Benson

TWtoJ

Nededandse Credietbank (Overseas) NV

Istituto Bancario San Paolo dl Torino

Nfliryotk Ase&cy

Kyowa Hank Nederland N.V. Midland Bank

The Nippon Credit Bank, lid.

The Sanwa Bank,

t* .KXtiit, fitt

Skauidhiaviska Ensk3da Banken (L
Soriete Seqnanaise de Banqne
Union Uflnig of Finland International SLA.

m m

'Westdeutsche Landesbank Girozentrale

■

'Agent Bank

Credit Smsse First Boston limited

Singer & Friedlander

T farrff fr l

Sbvenbnrg Overseas Banking Corporatum

The Sumitomo Trust and Wniring Co M Ltd,

New todc Braztcb

Vereins- and Westbank Internationale

fiodMAanoae

Williams & Glyn’s Bank

l

■

i

;i

. i

e

it

y

y

s

o

C

iT

ie

Q-

ih

at

is

■t

Id

ID

<n

10

If

of

at

Id

n-

K

to

di

sy

id

■a,

ry

u*

a

sy

JSt

rr

ia-

‘W

ce

te-

rn-

ist

IP.

lal

he

an

be

>n-

m

■st

SC

ts.

as-

ey

to

iir

10 -

ve

ed

or

mL

or

Pfi

h©

er

Monthly Survey of Business Opinion

GENERAL OUTLOOK

Marked recovery in confidence

INDUSTRY'S optimism abmit
the future is rising, buoyed b)'
the clear feeling, and nol a

little hope, that the economy is
over the worst and will
improve consistently during
19S2.

General confidence is well up
on the gloomy levels of last
year and 19S0. with nearly half
of the companies surveyed say-
ing they are now more optimis-
tic than they were four months
ago. compared with less than a
third inward* the year-end.

The main reason for greater
cnnfkie-nce among engineering
companies is improvements in
orders. although the coal
miners' vote on pny was also
cited because it might lead to
greater capital spending by the
Cnal Board. None of the com-

panies in the engineering
sector is less optimistic than

four months ago.

In the chemical and oil
seel or. confidence was im-
proved by more favourable
exchange rates, better produc-
tivity and the belief that the

economy was going to pick up.
Of the companies which were
less optimistic. uncertainty
over the .situation in the U.S.
was mentioned, as were fears
ahoul the extent to which the
U.S. problems might affect
Britain and Europe this year.

Greater optimism in shipping
and transport was due to the
elimination of loss-makers,
although there was some con-
cern at the rate at which new
hulk carrier tonnage was being
delivered without any corres-
ponding expansion in world
trade.

ORDERS AND OUTPUT

Split views on exchange rate

ALL THREE sectors indicate
increasing order bonks com-
pared with October, when they
were last questioned. There
were signs of customers starting
to reorder from the engineering
sector haring reduced their
slocks to very low levels.
Exports of sophisticated equip-
ment to Opec countries are
good. Chemical order books are
also improving, except for plas-
tic s and brewing chemicals,
where demand remains poor.
One shipping company described
freight rates as ‘■appalling"
and another felt that if the
situation deteriorated further
the Government might have to
subsidise shipping costs.

although this appears to be
wishfui thinking.

Boih engineering an chemical
and oil sectors are more opti-
mistic about increasing their
exports in the next year. The
exchange rate remained the
main factor affecting exports,
though some think lower
exchange rales have helped and
others say the uncertainty over
the rate is making life more
difficult than ever. One enmpany
said it did not know at what
price to accept a U.5. order
because of the fluctuating
sterling-dnllar rates. Other diffi-
culties were finance facilities
and the spreading recession m
West Germany and the U.5.

CAPACITY AND STOCKS

Destocking almost over

AFTER A long period of de-
stocking. most companies in all
Three sectors felt the current
level of stock* was about right.
The chemical and oil sector was
less inclined to expect increases
in raw material stocks but still
expected an increase in stocks
of manufactured goods in the
next 12 months. Both engineer-
ing and chemicals indicated that
improved stock control systems
were being introduced.

Shortages of home or export
orders or consumer demand are
still the major. iF slightly less
prominent, factors affecting pro-
duction — and one chemical com-
pany was actually waiting for a
plant to come on stream, which
led to ils output being affected
by a shortage of capacity.

20 1 1 1 1

JFactors Affecting

( Production

40'4

6fl'4-

80--H

bdTiRRWSt*

L nlss&tei

100V

J I L

197R 1079 15*80 1881 1888

Kor Ihe third consecutive
month the extent to which pro-

duction is affected by demand
rather than supply factors has
moved in the supply direction.

In spite of the increasing pool
of available labour, there are
more complain lx about ns
quality and suitability for skilled
vacancies. One engineering com-
pany said past failures to train
and give incentives la the right
calibre of managers meant it
was now short of people to
manage high-technology opera-
tions overseas, and there is a
persistent shortage of suitable
high-grade scientific and
engineering graduates.

No specific shortages of sup-
plies were reported in any
sectors although delayed
deliveries are still an occasional
problem.

GAPAGITY WORKING

4 monthly moving total

February 1982

Are you working ac your planned ouepue
level for chrs time of year ?

Above target capacity

Nov-

Feb.

_%_

i

Eng’g. Shipping

Sept.- Aug.- (Non- Chems. &

Dec Nov. elect.} & Ofh Transport

_ % % %

3 0 0

OcT.-

Jan.

_%

1

Of

/O

%

1

_ On target
Below target capacity
No answer

60

38

~i~

56

41

i

52

44

40

83

73

47

0

52

60

17

27

INVESTMENT AND LABOUR

Few signs of new jobs

TFTE INDEX for labour require-
ments is at irs highest for two
years, although still very low
and in most cases the main re-
dundancies and labour-shedding
appear to be over. There is still
some over-manning, however,
and substantial increases in out-
put could probably be achieved
with no or very lirtlc increase
in .workforces.

BniJi engineering and shipping
and transport sectors expect
their capital expenditure over
th*> n"vt 12 months to increase.
Thi-s is a complete reversal in
shipping and transport, where
Ta«t October every company ex-
ppried capilal spending to fail.
There are now indications of
substantial purchases . of heli-

copter; and ships.

More companies now feel their
liquidity levels are about right
and if there were to he a sud-
den recovery surge there are
signs that liquidity might he
strained. As the move out of
the recession is expected to he
both slow and modest this year,
present liquidity levels in all
Three sectors arc unlikely to
pose problems.

Chemical and oil conrcms are
now less inclined to say they
will need bank borrowing as a
source of finance for capital
expenditure. Fewer companies
are now referring to stock re-
ductions as a means for financ-
ing capita] spending, confirming
ihe signs that destocking is over.

COSTS AND PROFIT MARGINS

Growing fears about wages

THERE IS greater feeling than
in October that wages are going
to rise significantly faster and
in consequence, unit costs are
more widely expected to go up.

. There appears lo be sfighlly
le?s determination to resist wage
cl?ims for more than the
amount budgeted and a greater
willingness to follow the lead of

Pffi 71^ A**dl*t * orn>mic>i4m«ip |Vi*ivi

About a third of the com-
panies surveyed said they would
try to resist strongly requests
for a shorter working week and
about the same proportion felt
that correct wage differentials
had already been re-established.
-■Yost of ihose companies which
wanted to increase differentials
Telt skilled workers were the
most deserting category.

All lhree sectors are more
hopeful of increasing their
profit margins in ihe next year
and al cited improved efficiency
as one cause. On the negative
side, some engineering com-
panies complained of increased
competition in a smaller mar-
ker and excess of capacity over
demand, in shipping and trans-
port, there was particular
hope for more business in the
depressed aircraft sector.

These surveys, which are car-
ried out for the Financial Times
by the Taylor Nelson Group, are
based on interviews wilh senior
executives.

Three sectors and some -TO

from a sample based on the FT
Actuaries Index, which accounts
for about fit) per cent of all
public companies.

The all-industry figures are
four-month moving totals cover-

ing some 120 companies in the
11 industrial sectors (mechani-
cal engineering is surveyed
every second month).

Complete tables can be pur-

p m _ . .i . .. J

GENERAL BUSINESS SITUATION

© Statistical Material Copyright Taylor

Nelson Group Ltd.

1

.4 monthly moving total

February 1982

Are you more or Jess optimistic about

No*.-

Oct*-

Sept.-

Aug.-

Eng’g-

(Non-

snipping
Che ms. 4

your company’s prospects than you were
four months ago'?

Feb.

- 0/
to

Jan.

%

Dec.

%

Nov.

' %

elect)

%

& Oils
%

Transport

‘ % ,

More optimistic

46

34

30

28

54

61

87

Neutral

32

44

48

54

46

13

1

Less optimistic

22

22

22

■

19

0

*

26

12 .

EXPORT PROSPECTS (Weighted by exports)

•

■

j

■

4 monthly moving total

February 1982

Over the next 12 months exports will be:

Nov-

Febo

%

Oct-

Jan.

%

Sept-

Dec

%

Aug.'-

Nov.

%

Eng’g.

(Non-

elect)

%

Supping

Chems. &

& Oils Transport

% %

Higher

77

72

63

62

91

100

34

Same

11

14

24

23

4

0

22

Lower

T2

11

12

13

5

0

-. 44

No answer

0

2

2

2

0

0

0

NEW ORDERS

4 monthly moving total

February 1982

The trend of new orders in the last
four months :

Novh.

Feb.

%

Oct-

Jan.

%

Sept>

Dec.

%

Aug.-

Nov.

%

Eng'S-

(Non-

elect.)

%

Shipping
Chemt , &

& Oils Transport

a/ ■ o/

/o A

Up

33

26

16

15

45

53

52

Same

30

37

38

41

50

21

36

Down

17

20

27

24

5

9

0

No answer

20

17

19

20

0

17

‘ 12

PRODUCTION/SALES TURNOVER

4 monthly moving total

■

February 1982

Those expectin; production/sales turn-
over in the next ?2 months:

Nov-

Fefa.

%

Oct-

Jan.

%

Sept-

Dec

%

Aug.-

Nov.

%

Eng's-

(Non-

elect)

%

Shipping
Chems. &

& Oils Transport

' % %

Rise over 20%

3

1

1

1

0

17

0

Rise 15-19%

3

2

2

2

5

0

a

Rise 10-14%

7

8

5

7

1

0

0

Rise 5-9%

21

20

20

22

12

39

0

Rise 2.5-4%

23

20

18

20

41

17

.0

Remain the same

37

40

44

31

35

9

88

Fall 25-4%

5

5

8

8

5

17

0

Fall 5-9%

2

2

2

5

- 2

0

3

No answer

0

1

1

4

o

0

0

STOCKS

4 monthly moving total

February 1982

Raw materials and components over the
next 12 months will :

Nov^

Feb.

%

Oct-

Jan.

-%

Septp

Dec.

Of

JO

Aug.-

Nov.

%. -

Eng'g.

* (Non-
elect.)
%

Shipping
Chems. • &

& Oils' Transport

% %

Increase

26

31

23

25

5

18

0

Remain the same

53

44

54

. 51 -

62

65

97

Decrease

19

21

20

21

28

17

3

No answer

2

4

3

3

5

0

0

Manufactured goods over the next 12
months will :

-

•

%

<m m

Increase

IS

18

14

17

0

35 '

0

Remain the same

48

44

SO

50

56

35

19

Decrease

IS

21

21

19

23

30

0

No answer

3

5

4

7

0

0

0

Not applicable

13

12

10

8

21

0

81

FACTORS CURRENTLY AFFECTING PRODUCTION

4 monthly moving total

February 1982

Are any of the following Factors limiting
your output at present ?

Not^

Feb.

%

Oct*-

Jan*

%

Sept-

Dec.

%

Aug.-

Nov.

%

Eng’s-
(Non-
elect.) '
%

Chems.
& Oils

%

Shipping

&

Transport

%

Home orders

86

89

92

94

95

83

44

Export orders

HP

55

55

63

63

65

26

Executive staff

2

2

1

2

10

0

0

Skilled Factory staff

3

2

4

3

2

o

0

Components

2

3

1

1

2

0

Raw materials

Igggjjl

HU

1

1

2

0

Production capacity (plant)

7

4

3

3

17

8

Finance .

1

0

0

1

5

O

0

Labour disputes

4

2

2

1

2

17

8

Others

21

21

20

14

17 .

26

,70

No factors

S

8

5

5

0

' o

3

1 Aftnnn nminnruruT^ /iir_"

f

1.

1

.

lhduuii. ncuumcracnio iweigmeii ny eirniOYmenil

4

■ w m

monthly moving total

February - 1982

Thcie expecting their labour force over
the n*vt 92 months to :

Nov^

Feb.

o/

to

Oct-

Jan.

Of

JO

Sept-

Dec

%

Aug.-

Nov.

%

Eng'g: Slipping

(Non- Chems. &

elect.) ft Oils Transport
% % %

Increase

13

12

8

8

5

4

0

Stay about the same

45

44

47

44

31

45

36

Decrease

42

43

45

48

64

51

64

CAPITAL INVESTMENT (Weighted by capital expenditure)

4 monthly moving total

February 1982

Those expecting capital expenditure over
the next )2 months to -

NOVe-

Feb,

%

Oct*-

Jan.

%

Sept-

Dec

%

Aug.-

Nov.

%

Eng’g.

(Non-.

elect).

%

Chems.
& Oils
%

Shipping
& •

Transport

%

Increase in volume

34

25

23

23

40

.40

61

Increase in value but net in volume

n

9

12

12

3

0

33

Stay about the same

23

20

22

19

37 .

7

0

Decrease

31 .

.42

40

. 43

20

53

7

No answer

2

3

- 3

3

0

' 0

O

COSTS

■

_4 monthly moving total

February T982

Wages rise by:

Nov-

Feb.

%

Qct.-

jan.

%

Sept-

Dec.

%

Aug»-

Nov.

%

»"rt-

(Non-

eiectl)

. %

Chems.
& Oils

%

Shippmg

Transport

%

M%

2

2

4

• 4

4

0

0

S-9%

SO

80

75

67

91

79

. 57

10-14%

16

14

13

17

5

21

43

Remain th« same

0.

0

2

2

0

o:

0

No answer

2 4 *10

4 monthly moving total

0 0 0
^February 1982

Unit costs rise by :

<W%.

2

2

3

3

21

0 --

0

S-9% -

40

40

39

33

40

35

1

KM4%

36

32

36

30

29

48 -

95

15-19%

0

4 .

4

7

o:. _

0

0

Remain the same

3

A

5 .

3

0

0

' o

Decrease

2

2

2

2

0

0

0

No answer

17

17

14

23 :

10

17

- J

PROFIT MAR6INS

• . |

■ ’ »

4

• *. ■

4 monthly moving total

■ • ■ ■ 1

■

1.

February- 1982

■

Those expeetrn; profit margins over die
next 12 months to :

Nov.- .
Feb.

%

Oct- *
Jark
%

Sept-

Dec.

%

Augj-

Nov.

%

Eng’S* Shipping

(Non* - Chems . 7 ^ \ ■ .
elect) • &. Oils .transport

w . of r of

to ■ • * • ‘ to • A)

Improve

46

42

49

48

71

-70

.87

Remain the same

r

42

n

47

11

43

*

39 -

V

17

■rt • "

21

A

0 -

1 % ■ '■

ur

.?•

THE FOREIGN EXCHANGE
AND. : "CURRENCY DEPOSIT
BROKERS' ASSOCIATION has
.appointed Mr M- AJ Knowles, a
director .of it W. Marshall and
Company as chairman, Mr it C.
Lacy, a director of - AsLley and
Pearce a& deputy chairman, and
Mr J. L. Liltie, a director of.
Charles Fulton and' Co, .as
honorary secretary and- treasurer.

Mr Richard Birch Reynardson
has jointed GODDARD KAY
ROGERS AND : ASSOCIATES,
■executive search consultants, as
a director.

•it

Mr Donald W. Ford becomes
director and 'chief executive of
the TWIL GROUP from March 1.
Mr F bid's appointment follows
the death of Mr James Fooddes.
Mr Ford, lias .been director of
BSCg Scunthorpe Works since
1977.

dr ■■

Mr John' Pool, a senior partner
of surveyors and auctioneers,
Lalonde, Brothers and Parham,
h as beeir 1 appointed to the board
of BROOKS SERVICE GROUP,

.Bristol.

■dr •

COMFORT HOTELS INTER-
NATIONAL has appointed Mr
Colin Pelllng. as marketing ser-
vices director. . ■ ‘ ; V

★

Mr D. JT- Kobarts has .resigned
as. a director of DAILY. MAIL.
AND GENERAL TRUST. -

- .Jr ..

Lord Justice Brightman. has
been appointed a. Lord of Appeal
in Ordinary in succesiH on to Lord
Wilberforce-who is retiring next
month. Mr' Justice Slade is to
he made a Lord Justice of Appeal
in succession ML Lord Brightman
and Judge Mervyn Davies is to
be a Judge . of the High Court
assigned to' the Chancery divi-
sion.

* !

A Liverpool solicitor, Mr
Graham. Barrie. Marsh. has been
appointed to the board' of RADIO
CITY. (SOUND -OF MERSEY-
SIDE).

. *■

THE -PROPERTY AND REVER-
SIONARY INVESTMENT

CORPORATION has appointed
Sir Jack Hughes lo its board.
Sir Jack Hughes is a consultant
with -Jones Lang Woo (ton and
chairman of Bracknell New Town
Development Corporation. .

*

Mr Peter Winbei^ has been
appointed head of .international
shipping department at SCAN-
DINAVIAN BANK . GROUP. Mr
Winberg was managing director
of’ Zenit Shipping AB, a sub-
sidiary of Syenska Varv AB,
Gothenburg and also worked
with the SaitJn Shipping Group.

★

Hr B. J. Wilkinson has been-
appointed a director.- of foreign
exchange and- currency deposit
brokers GUY BUTLER (INTER-
NATIONAL). - •

■k'

CENTURYAN SECURITY has

appointed Sir Douglas Edward
Warren, as group director for Use
southern region. ~

★ :

' BRITISH RAIL, London Mid-
land Region has appointed 3lr
Hugh Jenkins as chief personnel
officer. He succeeds Mr Sydney
Applebv, who is now the Region 5
chief officer organisation plan-

aing ‘. .

-Hr Jeremy- Rewse-Darics has
been appointed chief executive
. and managing director of
OFFICE PLANNING CONSULT-
ANTS. He was previously

design director.

<*.

Mr Tom Rooks has been ap-
pointed a technical director of
YOUNG AUSTEN & YOUNG,
building services engineers. He
has been with , the company for
21 years. The company is a
member of the UK building divi-
sion of the Trafalgar House
Group.

. -k

Mr George Glenrross has been
appointed to the board of LEE
BEESLEY electrical contractors.
He is contracts director for the ’

northern division.

k f

Mr. Michael Fleming has been .
. appointed sales arid marketing: :
director of NEWEY & EYRE
ELECTRONIC DISTRIBUTORS-

*

. JENKS AND CATTELL has
appointed Mr David Cheng a

non-executive director.

k

Mr R. E. Haslehurst has been .
appointed managing, director «f ;
BURTON'S AND MMB. He will
replace Mr A. G. Smith who will f

remain on the board.

~k

. Mr John MHler has been ap-
pointed a non-executive director
of SPEAR AND JACKSON
INTERNATIONAL.

■*

BURNETT AND HALLAM-
SHURE HOLDINGS has ap-
pointed Mr Richard Mansell- Jones
to the board as a non-executive
director. Mr Mansell-Joncs is a
director of Brown, Shipley and
Company. .

Mr Woodrow Wyatt has been
appointed chairman of the
HORSERACE TOTALIS ATOR .

+

NORTH AMERICAN DRILL-
ING CO. has appointed Mr
Barry Stewart, of Martin Currie
and Co., investment managers to
the board.

★

Mr Roger Hutchins has
resigned as managing director of
EGA HOLDINGS and from the
boards of its subsidiaries. He
has left the board of MK Electric
Group.-:

Hr Brian Canning Knight has
resigned his position .as manag-
ing director oF KLUWER "
(PUBLISHERS. PRINTERS &
BOOKSELLERS) and chairman J
of KLUWER PUBLISHING from
March 1.

INSURANCE

counts

cost of complaining

BY ERIC SHORT

■ - •

THE “watchdog" group set up
by. three major insurance com-:
parties investigated 441 inquiries
in its first nine months, accord-
ing to the first report of the
Insurance Ombudsman Bureau.

The cost of operations during
the period was £$4,000, so every
complaint investigated cost the
bureau £150, -Some critics, who
claimed that it was an expen-
sive irrelevancy "may say that
that figure justifies their argu-
ment Of the total, 68 com-
plaints .led to a higher
settlement. -

The bureau was started a year
ago by General Accident,
Guardian Royal Exchange and
Royal Insurance, who appointed
Mr James Hasw'ell, a lawyer, as
the first insurance ombudsman:

All other insurance groups 1
were invited, to join the bureau.
But a year later only eight more
— including Phoenix and Legal
and General— have taken up the
invitation.

The bureau, which is adminis-
tered by an independent council
drawn mainly from consumer
and- public bodies and; chaired
by Mrs Joan Macintosh of the
National -Consumer. Council,
failed to win widespread - support
within, the insurance industry
from the start

An ..independent complaints
system bad been mooted for
yeans under the auspices of the
British. Insurance Association
but without real results.

Eventually the three 1 groups
behind the- IOB- decided to set
.pp . their own scheme — - and -
asked others- to joini-thent

Six groups accepted the invi-
tation before -the bureau opened '
to the public and two more have
joined since. ' But seven other
^roups. set up an alternative— -j
the Personal Insurance Arbitra-
tipn - Service— using arbtoatora
from the Institute of Arbitrators.
More thah 20 groups hay e joined
the-PlAS,': ^ .V - ; - J ■
JThis st&H leaves -most insur-
ance. groaps -outside, -any inde-
pendent scheme, however. Some
say they wi ll waif to see wh at
happens: others 1 say their own
complaints service is adequate
and an . outside body is neither '
necessary nor, relevant
-The first nine mouths of fbe
bureau’s openriaon- are reviewed
tiyJSjb ombudsman, in its report. .
Thej resalts can be ' used to
ju^y the attitudes -of those for
and .against the operation, of- an
independent claims service.
rThe bureau retirived a total of
1 , 0 17 Inquiries— *uf of those.
onl£jE41 related. $ 0 . members, of
the bureau. 1 --.and .cquld .'.be
handled - by ombudsman.

sive £150.

The . ombudsman either
directly- or indirectly secured
higher payments in 6S cases.
1 The ombudsman will not review
a case until the policy-holder
has taken his complaint first to
the cbief executive of the com-
pany concerned. These figures
would indicate that an insur-
ance company is not infallible
in handling claims and that an
independent view of a dispute
has proved necessary.

However, the decision of the
company Involved over claims
was upheld by the ombudsman
in even more cases — as a result
either of Mr Haswell’s confirm-
ing the company’s action or the
policy holder’s accepting- the
company’s decision after it had
-been .explained to him by the
burean. This would seem to
allay some fears -within the
industry that the ombudsman
would adopt a strong cousumer-
ist -stand hi almost all com-
plaints and ignore the company
view.

In the report. Mrs Macintosh
concludes chat most policy
holders do not want a fight but
a settlement. While obviously
■ they prefer a settlement in their
favour, most will accept a
decision against them if the
“reasons are sound.

. Mrs Macintosh believes that
in the long run the burean will
be much more a. provider of
-advice and information" aimed
at preventing disputes, rather
than an arbitrator.

Even so. there does appear to
he -a communications gap be-
tween joint companies and cer-
tain policyholders. The com-
panies are unable to bridge that
Because the policyholders warn
independent advice on the com-
pands ’ action.

This being so, it would seem
opportune for the British Insur-
ance Association to look afresh
at the" scheme. Before the
bureau was off the ground, the
BIA investigated its functions
and told companies the decision
whether or not to join rested
with them. 1 There are no plans

now for -the BIA to re-investi-
gate

.The Life Offices Association
and the Associated Scottish Life
Offices have taken a different
attitude and have had a work-
ing party looking at both the
bureau. and PIAS. The working
party advised against a separate
scheme for - life .business and
saidj’member companies should
join; one of the two existing
schemes- ..

The Insurance Ombudsman

Rmtpom Awmib t wnnv* A rtivil.

fev Times Monday March

^ *vr

r> ■*. '4 •

. '. !■; *■ *

1 19S2

Maftett INTI. COMPANIES & FINANCE

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Crackle on the air at RCA

i*. ■

A SINGLE company m
to illustrate the pres?

.. .....sue of fashion upon US. big
■.■irpaasuss in the 1960s and i9Toi
,« “e dangers of failing to
Assess the sense in those fash-
; ions, the company to choose

■ ■- would be RCA.

made spectacular mis-
* n the super-confident

1960s the company went into
mainframe computers and. an-
nounced it would beat IBM. It
• - lost.

■ i

In the early 1970s, the craze
was conglomeration, so RCA
. diversified, Some of the com-
- panies it bought, such as Here*
the car-hire concern, in 1967,
were good ones, many were not

By the late 1970s, the. cash
cow was business’s favourite
pet. Everyone had to have a
cash-producing offshoot RCA’s
cash cow was CIT, the finance
company' bought in 1979 tor
almost $L4bn.

None of these things would
have been so bad if RCA had
not meanwhile neglected its
main businesses in consumer
electronics. RCA was left
standing by the Japanese on
the most important consumer
electronic produce of the 1970s,
the video tape recorder. Today,
RCA distributes Matsushita and
Hitachi VTH s in the U.S.

RCA also failed to modernise
the production lines of such
bread and butter products as
colour television. Even today,
the company admits that its
facilities are 20 per cent less
efficient than its Japanese com-
petitors’, because "of under in-
vestment.

Finally, -RCA engaged in
some of the most spectacularly
disruptive management politics
of the period. Apart from the
revolving door through which
tour chief executives have been
. ushered in six years, the cor-
porate world was amazed by
■events like the hiring and then
sacking within six months of
Mr Maurice Valente as RCA
president in 1980.

.Mr Thornton Bradshaw, the
new head of RCA, is not a man
to be flustered. A fragile but
sha*p 64-yeer-oW, he chews on
his pipe and reviews the most
calamitous aspects of the .
history of RCA with the air of
a retired prime minister.

General David Saraoff, he
says, was a genius. His son
was “not what RCA needed
at the time..' Mr Anthony
Conrad, next in line, went
after a tax scandal, by which
time RCA’s board was “ dipping
into its reserves” • for a
candidate. The regime of Mr
Edgar Griffiths, which Mr
Bradshaw; praises for some
things, but which be refers to ~
coddly as “the previous admini-
stration," also .ended in ex-
plosion. Perhaps in part
because Mr Griffiths, a dour,
numbers - oriented, lifetime
career man at RCA, resented
1h« amount of second-guessing
on the executive floor at RCA.

These internal divisions, says'
Mr Bradshaw, were chiefly the
product of “a natural division
of opinion" about what RCA

time, he says, one group which
believed consumer electronics
was a mature industry in which
RCA could never recover its
early eminence, and which thus
argued for diversification. The
other school, of which Mr
Bradshaw claims always to have
been a members, aimed at a
“return to roots."

The CIT deal was the diversi-
fication which brought RCA
most trouble — in its riming if
not in its inherent wisdom. The
cash strategy failed because the
cows, in a period of ' rising
interest rates, themselves
needed all the capital they
could generate, and because the
purchase cost of CIT put strains
on RCA’s balance sheet '

and should, Mr Bradshaw hopes,
release capital for the core just-
nesses and help restore RCA to
the top ranks of creditworthi-
ness— getting rid of the ugly
BBS debt-rating the company
now wears around its neck.

Is terms of management. Mr
Bradshaw is moving softly but
firmly. There is a vacant presi-
dent’s office. It will be filled,
says Mr Bradshaw, by the half-
way marie in his five-year tenure.

At the lower level, the entire
top management of RCA’s lan-
guishing solid state division has
been replaced by outsiders and,
following a well-established
pattern, Mr Bradshaw has
picked his own man, Mr Grant
Tinker, to run. NBC, which has

RCA, founded by
General David Samoff
in 1919 -and the pioneer
of the broadcasting
industry, has since 1966
lost itself in a maze of
diversification and-
internal strife. Eight
months ago, Mr Thornton
Bradshaw (left),
former president of
Atlantic Richfield, the
Oil company, and an
RCA director for nine
years, became the $8bn
turnover company’s
fourth chief executive
in six years.

should be. There was for a long

“RCA is overdrvcrslfied and
overexpanded,” says Mr Brad-
shaw. “These are the key words
and this is what we are trying
to correct And we can correct
them both with the same set of
policies.”

The main evil of overexpan-
sion has been to increase RCA’s
long-term debt from just over
$7Q0m to more than SIbn. The
company's interest costs (ex-
cluding Hertz and CIT) rose
from ?10Sm in 197S to $26Sm
in 1980 -and $276m in the first
nine months of 19SL In addi-
tion half the CIT purchase
price was raised bv an issue of
preferred stock, which burdened
RCA with $74in in dividends in
1980. In 1981 these dividends
were enough to wipe out what
was left of RCA's profits after
Mr Bradshaw had taken a write-
off, mainly to cover the cost of
television programme failures
created at NBC.

- Mr Bradshaw's strategy is
simple in outline: sell Hertz or
CIT. according to which com-
mands the better market —
Hertz at $7 50m or CIT at over
$12bn? “Under - present
economic circumstances. Hertz
is an easier deal to discuss,*’
says Mr Bradshaw, who is con-
fident he will find a buyer this
year.

If Hertz goes, that will- shift
RCA's debt to total capita] ratio

from 40 per cent to 26 per cent
ranked a miserable third in the
network ratings for years, and
the profitability of which has
slumped.

In the electronics businesses,
Mr Bradshaw is building mainly
on work started by Mr Griffiths.
He is challenged by the way in
which RCA has devolped in the
video disc field, and he has to
frame strategic concepts.

RCA has, in a sense, staked its
future on' the video disc. The
disc players have run up against
booming sales of video tape re-
corders; but RCA has been en-
couraged by toe strength of
demand for toe discs themselves.

It is not, however, that the
company could not cancel the
project— which has cost 9200 m
so far— and survive, but that the
blow to its prestige and self-
esteem would be enormous and
lasting.

Mr Bradshaw erects his
strategic frame on tour main
■feet:

• Innovation: Although RCA
Laboratories in 1980 was the
second largest register of
patents — after General Electric
— Mr Bradshaw says that spend-
ing on research has been neg-
lected by all previous adminis-
trations. But in the television
set area, he believes that RCA
in particular and the U.S- in
general are still “ quite sub-

stantially in the lead” over
Japan. Among the products in
the pipeline is a 50 inch tube-
less TV winch bangs on the
wail like n picture.

• Manufacturing:- This is the
area where the Japanese buait
up a big lead m terms of coat
and quality m the 1970s. Now
the quality gap, he claims, is
dosed and the remaining 20
per cent cost gap will be
dosed by added investment.

• Distribution and Marketing:
RCA’s resources here, be says,
are “ remarkable.”

• Service: RCA has 13,000'
employees in its service divi-
sion, which helps with market-
ing and which is highly
profitable in its own right.

As for future product develop-
ment, Mr Bradshaw’s initial
thoughts lie in diversifying from
NBC’s broadcasting base into
the wider and more rapidly
growing programming and soft-
ware industry for cable tele-
vision and other video forms, to
the extent that legal restrictions
permit. NBC has lagged behind
its competitors in this respeet

He sees the growing diversity
of uses for the picture tube
(RCA recently started making
tubes for computer display
screens) as the company’s’ base
for future incursions into the
high technology home video
area.

There is also strong emphasis
upon improving performance in
the solid state division, not only
because it U an important parts
supplier but because as an
innovator in custom-made inte-
grated circuits it holds the key
to RCA’s technological progress
in cer tain products.

The VTR boat, says Mr Brad-
shaw, has been massed, but the
wo rid of personal computer and
interactive video systems is stiff
young enough to create oppor-
tunities for a more alert RCA.

As a one-term chairman,
Bradshaw’s biggest contribution
to RCA will probably be, apart
from quelling civil war, the
selection of a successor. The
model, of a team man himself,
he is trying not to rush this
decision and is also determined,
he says, to check thoroughly all
internal candidates before going
outside.

He does, however, have a
very dear idea of what the
next chairman of RCA should
look like: “He must be that
fairly rare combination of an
engineer, a broad person who
understands the social respon-
sibility of a large and visible
corporation and a -risk taker.”

All three of Mr- Bradshaw’s
predecessors had at least one
of these qualities, but none was
an engineer. Mr Bradshaw him-
self is not.

Perhaps it is just coincidence
that two other very large but
changing corporations, GE and
Du Pont, have also picked
engineers to lead them In the
1980s. Or perhaps this time,
RCA is going to be in early
on an emerging fashion.

Ian Hargreaves

OMRON TATEISI
ELECTRONICS CO.

™ ■ — "W- — —w — " — - w — ■

Notice is hereby given that at

a Meeting of the Board of
Directors of the above
company held on 29th January
1982, It was resolved to make
a free distribution to
shareholders of common
shares of Yfen 50 each, by the
capitalisation horn reserves
effective 1st April 198&.

The New shares will be allotted
to shareholders appearing on
the Share Register at the close
of business on 31st March 1982
in the ratio of 0. 15 a new share
for every share held, and will
rank equal to outstanding
shares. -

Holders of Bearer Depositary
Receipts (B.D.R.S.) are advised
that fn order to claim their

a _ A

entitlement. Coupon No. 34
led with one of

'-.V.p-

-,li

should be lodge- — . —

the under noted Banks as from
the 14th June 1982, where
special listing forms are
available:-

Hill Samuel & Co. Limited,
45 Beech Street,

London EG2P2LX.
KredietbankSA
Luxembourgeolse,

43- Boulevard Royal,
Luxembourg.

Bank of Tokyo Limited,
Immermannstrasse 43,
4000 Dusseldorf. 1
Bank of Tokyo Limited.
Sutherland House, 4 Chater
Road. Hong Kong..

Bank ol Tokyo Limited,

4-8 Rue Saints- Anne,

75001 Paris, France.

Bank of Tokyo Limited.

Avenue Des Arts, 47M9,

1040 Brussels, Belgium.

Attention is drawn to the facl

' that asone Depositary share *s
equivalent to 5 Common
Shares of the Company, new
BD.Rs. can be issued only in
multiples of 5 Common Shares.
Any lesser number wilibe sold

- end the proceeds dislnbu od to
the persons entitled thereto.

• AnyfwiheTinlixmwtion

required may beobtairw^on

- application loanyd the above
mantioned Banks or to Bank of

i'TMtto Ihist Company.

F 100 Broadway. New ) ork.

. --m Samuel & Co. Limited,

| 4fi Beach Street.

London EC2P21X

This advertisement is issued in compliance with the requirements
of the Connell of The Stock Exchange. Jt does not constitute an
invitation to any person to subscribe for orpurchase any Warrants.

A member of the-
Henderson Administration
management group

GREENFRIAR

INVESTMENT COMPANY pic

(An investment company within the meaning of Part HI of
the Companies Act 1980, registered in Enjand No. 180670)

Issue to Shareholders
of Warrants to subscribe for
800,000 Ordinary Shares of 25p each,

The Council of The Stock Exchange has
admitted the above-mentioned Warrants to
the Official List.

Particulars relating to the Warrants- are
available in the Statistical Service of Extel
Statistical Sendees Limit ed' and copies of
such particulars may be obtained during
normal business hours on any weekday np to
and including 15th. March, 1982 from:

C&zenove & Co.,

12 Tokenhouse Yard, London EC2R 7 AN.

1st March 1982

NOTICE TO SHAREHOLDER OF

S CODDER DUO-VESX INC.

The Boards of Directors of Scodder
Duo- Vest Inc. and Scudder Special
Fund. Inc. have approved a pro-

posed tax-free reorganization.

udder Special Fund will acquire

Duo-Vi

the net assets of Scudder Duo-Vest
in exchange for Special Fund shares
haring an equivalent net asset value.
The Special Fund shares would
then be distributed to the share-
holders of Duo- Vest.

A Special Meeting of Share-
holders of Scudder Duo-Vest has
been called for May 18, 1982 to
consider the transaction. Proxy
materials will be mailed to Duo-
Vest shareholders in April 1982,
after Duo-Vest Income Snares Have
been reclassified into Capital
Shares or redeemed and after Duo-
Vest Capital Shares have became
redeemable at net asset value.

Dated: March X, 1982

NOTICE TO HOLDERS OF

ITO-YOKADO CO., LTD.

CONVERTIBLE DEBENTURES
DUE AUGUST SLIM*

b*;k convertible debentures

DUE AUGUST SI, 1893

S»A convertible debentures

DUE AUGUST 3 L 1886

Pursuant to Section 3.04(D of the Com-

>.r. 1 * — - — * — - — ■* Tw>.j>ic 1 hi i.

lores*

July km anuwtu; -»■ «'"*■

IT laimgthcabc^^nirauwwii —

notice is hereby pven u Allows:

1. The Company his nude ifreedwrt-

tmiion of slums of its Common Stockto
Than 1 holders of record as of February 28»
]&£ in Japan. At the rateof 1 newshartfbr
cjtfhIU sharps held. . . .

2. Accordingly, iY^eopmfimynm at
which the abcremenDoncd Debentures
inay be converted Into shares Of Common
Stock of the Company have been adjtmed
effective as of March l v 1982* Japan tiOCe
from Yen 1-978.40 per shire of Common
Stock in Yen 98QM pet ahare of Common

Slock fw

August SI, mi. ham
prr Sharp rf Common Stock tc
per fhnro of Common Stock vkp tbe m
fcrtivertiMc Debenture! Due August Si,
..JL „ “j v« 1-554 tier shore of

NOTICE TO HOLDERS OF

rrO-YOKADO CO, LTD.

NOTICE TO HOLDERS OF

ITO-YOKADO CO„ LTD.

7.3% CONVERTIBLE BONDS
DUE 1990 -

Pursuant to Condition 9(CXxi) of
the Terms and Conditions under
which the above-mentioned Bonds
were issued, notice is hereby given
as follows:

L The Company has made a free
distribution of shares of its Com-
mon Stock to shareholders of re-
cord as of February - ’ 28, 1982 in
Japan at the rate of 1 new share for
each 10 shares held.

2. Accordingly, the conversion
price at whi ch the above-mentioned
Bandsmay be converted into shares
of Common Stock of the Company
has been adjusted effective as of
March 1. 1982, Japan time, from
Yen 1,160 per share of Common
Stock to Yen 1,1545 per share o£
Common Stock.

linked/
LS. Dollar Pc '
CONVERTIBLE
DUE 1391

the Terms and Conditions under
which the above-mentioned Bonds
were issued notice is hereby given
as follows

1. The Company has made a free
distribution of shares of its Com-
mon Stock to shareholders of re-
cord as of February 28, 1982 in

Japan at the rate of 1 new share ibr
each 10 shares held.

2. Accordingly, the conversion
price at which the aboire-niezitioMd
Bond? may be converted into shares
of Common Stock of the Comp any

has been adjusted effective its of
March L 1981. Ju

Mansis diamond

INVESTMENTS
V: :...LlMiTKD
fc Aitirto 104 ••«»■!■. *S«fi
62S&& JUAV'A r,

~K-

ivmnwa »r

Debenture, Dee August SI, J9 i«5<

ITO-YOKADO CO, LTD.
By: The Bank of Tokyo
Trust Comply
esXSruslcc

jjajc&ysrtol* 1982

ITO-YOKADO CO, LTD.

By: The Bank of Tokyo
Trust Company
as Trustee

Date* March 1. 1582

Japan time, from

ien L1S4 per share of Common
Stock to leu Ij)7fi40 per share of
Common Stock.

ITO-YOKADO COAXED.
By: The Bank of Tokyo
Trust Company
asSrvsim.

Dated: March 1,1881

. .... • ^

. j n. -

: i c.\ . ■ ■ ■

__ — _» * 1

.

/

17

These Debentures hzve been sold, this announcement appears as a matter of record onJy.

New Issue

February 1982

Can. $40,000,000

■

Gonsolidated-Bathurst Inc

17V4% Series J Debentures due 1987

Orion Royal Bank limited

■

Amro International Limited Banque Bruxelles Lambert S. A.

Banque Generate dn Luxembourg S. A. Banqnede Paris et des Pays-Bas

. . Drcsduer Bank Aktiengesellschaft Kr edietbank International Group

■

- ■ - - Nesbitt, Thomson Limited Salomon Brothers International

m ■

SocieteGenerale de Banque S.A. - Union Bank of Switzerland (Securities) Limited

S. G. Warburg & Co. Ltd.

Algemene Bank Nederland N.V.

Bache Halsey Smart Shields Incorporated
Julius Baer International Limited
Banca del Gottardo
Bank Gutzwilfcr, Kurz, Btmgener
(Overseas) Limited
Bank Heusser & Cie AG
Bank Leu International Ltd.

Bank Mees & Hope NV
Bank Morgan Labouchere N.V.

Banque Beige pour lTndustrie SA.
Banque Imeruationale S Luxembourg S A.
Banque Worins
H. Albert de Baiy & Co. N.V.

Baycrische Vereinsbank Aktiengesellschaft
Baiiner Handels- und Frankfurter Bank
B.S J. Underwriters limited
BumsFtyLid; > ■ ‘

Cazenove & Co.

Christiania Bank og Kreditkassc
CIBC Limited

Compagnie de Banque et
d’lnvestissemeats, CBI
Continental Illinois T-imiwt
County Bank limited
Credit Commercial de France
Credit Industrie! d’Alsace et de Lorraine
Credit Lyonnais

Credit Suisse First Boston Limited
DG BANK Deutsche Geuossenschaftsbank
Dominion Securities Ames Limited
Finanrifcre Dewaay S A.
Genossenschaftliche Zentralbank
AG Vienna

Girozentrale und Bank der Bsterreichischen
Sparkassen Aktiengesellschaft .
Greenshields Incorporated
Handelsbank N.W. (Overseas) Limited
Kidder, Peabody International Limited
Klein won, Benson Limited
F. van Lanscbot Bankiers N.V.
Manufacturers Hanover Limited

McLeod Young Weir International
Limited

Merrill Lynch International & Co.
Samuel Montagu & Co. T-imirari
Morgan Guaranty Ltd
Nederlandsche Middens tandsbank N.V.
Nederlandse Credietbank nv
Norddeutsche Landesbank Girozentrale
Orion Royal Pacific Limited
Osterreichiscbe LSnderbank
Pcieibroeck, Van Campeohont & Cie
S.C-S.

Pierson, Heldring & Pierson N.V.

J. Henry Schroder Wagg & Co. limited
N.V. Slavenburg’s Bank
Soti£teGen£raIe

Swiss Bank Corporation International
Limited

Vereins- nnd Westbank AG
Westdeutscbe Landesbank Girozentrale
Wood Gundy Limited

m

;r

This advertisement complies with the requirements of the Council of The Stock Exchange of the United Kingdom

and the Republic of Ireland.

i t
_ 1

Hiram Walker Holdings N.V,

(Incorporated with limited liability in the Netherlands Antilles)

t

* f

l 4

I

I

1

U.S. $75,000,000

r

3 f

r i

^ ■ f

: I

1 i:

16 per cent. Guaranteed Debentures 1989

unconditionally and irrevocably guaranteed by

s 1
!

e , i

0 ;!

i i.

Walker-Home Oil Ltd.

(Incorporated with limited liability in the Province of Ontario , Canada )

Issue Price of 100 per cent.

e -

AT

y "
>-
s
o

The following Iiave agreed to subscribe or procure subscribers for the Debentures

S. G m Warburg & Co. Ltd.

Dominion Securities Ames Limited .Morgan Guaranty Ltd

Orion Royal Bazik Limited Salomon Brothers International

■

Swiss Bank Corporation International Limited

c

IT

ie

Q-

2t

The 75,000 Debentures of US. SI ,000 each have been admitted to the Official list of The Stock Exchange, subject only to the
issue of the Debentures. Interest on the Debentures is payable annually on 1st March, the first such payment being due on
1st March, 1983.

Particulars of the Debentures are available from Extel Statistical Services Limi ted and may be obtained during normal business
hours up to and including 15th March, 1982 from:-

at

is

Id

ie

•n

Rowe £ Pitman,
City-Gate House,

- 39-45 Finsbury, Square,
London EC2A 1 JA.

1st March, 2982 1

10

if

of

at

Id

n-

1 his advertisement is issued in compliance with the
regulations of tits Council of The Stock Exchange. It is
not an offer of or cm invitation to subscribe far or
otherwise acquire , any securities of Fleet Holdings PJLC.

FLEET HOLDINGS P.L.C

(Incorporated under the Companies Acts 1948 to 1980;
registered in England No. 1587318)

’fa p to fl aw4

£22^000,000 Ordinary shares of 20p each £1^044^62

Application has been made to the Council of The Stock
Exchange for the whole of- the issued share capital of
Fleet Holdings PJLC. to be admitted to the Official Lfat-
It Is expected that - dealings will commence on 4th March,

Particulars relating to Fleet Holdings P.L.G. are available
in toe. statistical service of Extel Statistical Services
limited and may be obtained during usual business hours
on any weekday (Saturdays excepted) np to andjnetading
18th March, 1962 from:

KhaaTTort, Benson limited,
20 FeDchnrdt Streep 1
London EC3P3BD.

- 1st March, 1982.

XkMessel&Cck*
Winchester House,
100 Old Broad Street,
London EC2P2HX.

March 1,1982

Oesterreichische Kontrollbank
Aktiengesellschaft

US$100,000,000

Guaranteed Floating Rate Deposit Notes 1987

Guaranteed by the

■■ ■■■■ ■

. Republic of Austria

Notice Is hereby given pursuant to the Terms and
Conditions of tbe Notes that for the initial Interest
Feriod commencing on February 26, 1982 the Notes will
carry an interest rate of 14%% per annum. On May 28,
1982 interest of US$18,48438 will be due per
US$500,000 Note and US$369.69 per US$10,000
Note against Coupon No. 1.

Agent Bank

“ORTOK ROW. aANICUMITED .

THE MANCHESTER
SHIP CANAL COMPANY

Chairman D JL Redfbrd CBE

K

to

to

ay

id

a,

ry

u-

a

ay

st

1981 RESULTS

.

1981

1980

jS’OOO

e ooo

Loss before exceptional items

(2,182)

0335)

Exceptional items:

Profit on sale of investments

2£20

228

Accelerated depredation, etc.

(65)

0331)

Voluntary severance

(£598)

(781)

Taxation credit

6

443

Loss after taxation

(2,419)

(2,774)

Set aside for redeeming loan capital

(57)

(5f)

Dividends

—

(422)

(Loss) per ordinary share of £1

(64.4p)

(77.5p)

IT

ta-

JW

ce

te-

m-

ist

•ri-

ial

he

an

he

Points from the Chairman’s statement to shareholders:

% Expenditure d own by £1M but operating revenue down
£L5M

$ Reduction in traffic mostly in upper leadieamdnding
Manchester Docks

$ Number of jobs cutby over a quarter (neafiy 800} during
theyear

# Voiuntaiy severance payments now total over£3Mance
mid-1980 excluding dock workers dealtwith through,
national fund

m-

1H

xt

5C

ts.

ey

to

ar

\o»

Ig.

ve

ed

or

>al

# Work now be^un on preparing enterprise zone land ia
Salford for develooment

Cannot yethold out prospect of return to preffittinsysar

or

90

ho

er

Acopyoftoereporfandaccomtoinaybeobtamrifrm&fiSeaslarooffia
at SIup House, K3ngSU^MandiesterM24WX I

. i

t

J

MONEY MARKETS

BY COLIN MILLHAM

encouragement

Interest rates showed an easier
trend in most major centres last
week, encouraged by the larger
than expected drop in the U.S.
money supply figures. Trading
in Federal funds was fairly
volatile, but the overnight rate
fell by about j per cent on the
week, while U.S. bank prime
rates declined by $ per cent to
161 per cent.

London rates followed the
downward trend, and on Wednes-
day Barclays Bank led the way
to a cut of $ per cent to 13*
per cent in clearing bank base
lending rales. National West-
minster Bank took about three
hours, to decide to follow Bar-,
clays, and put further pressure
on the building societies by re-
ducing Its mortgage rate.
Lloyds Bank and Midland soon
fell into line, but the Bank of
England v/os much slower in

deciding where its dealing rales
on bills should be as a result
of the base rates cut.

The authorities' dealing rates
were eventually cut by ?'*-} per
cent, although on the day of the
base rate cuts the Bank of
England preferred to take out
most of the daily shortage by a

repurchase agreement on bills,
without revealing any new rates.

Tbe Amersham share issue
caused considerable problems in
money market management, lead-
ing to some fairly large short-
ages of credit, but a repay-
ment of f 1,520m on Thursday
as money from the unsuccessful
applicants found its way back
into the system, helped to redress
the balance.

Encouragement to cut base
rates was provided by the Bank
of England at the beginning of
the week, by cuts in bill dealing

rates on Monday and Tuesday.

The major problem for the
market will occur today and
tomorrow, when over £lbn of
Petroleum Revenue Tax will be
paid. This will keep very short-
term rates tight, but market
sentiment seems fairly bullish

at present and m 3 y yet be look-
ing for further cuts In interest
rates, providing the U.5. scene
does not take 'a turn for the

worse.

New York rates eased last
week, as a result of the money
supply figures.

WEEKLY CHANGE IN WORLD INTEREST RATES

BANK OF ENGLAND TREASURY BILL TENDER

F-sb. 26 ’ Feb. 19

Fob- 26 1 Feb. 19

Billsi on offer 1 : £100m 1 £lOOm Top accepted i

Total of rats of discount 13.3566* . 13.6173*5

applications £M7,30Dm 25m Average > i

Total allocated-.. £100m ; £100m , rate of discount. 13.2362* 13.61 <3*

Minimum Average yield j 13.74% . 14.10%

accepted bid £96.67 ■ £96.605 Amount on offer ! I

Allotment at ! • at next tender...' £100m ; £lDOm

mlnimun level...! 532 j S3% :

LONDON
Base rates
7 day Interbank
3 mth Interbank
Treasury BUI Tender
Band 1 BINs
Band 2 Bills
Band 3 Bills
3 Mth- Treasury Bills
1 Mth. Bank Bills
3 Mth. Bank Bills

TOKYO

One month Bills
Three month Bills

BRUSSELS
One month
i hree month

AMSTERDAM
One month
Three month

Feb. 26 'change

Feb. 26 -change

13 ir

141 3 14J%

13r>-14la

13,2862

13»$

•1312

I1312-13&

;J3*j

.135e-13^

|133o-13ft

16,71675

16.59375

jl4l*

:»*

i

9*a

NEW YORK
Prime rates

! s [Prime rates 'Mil* - -

, + Federal funds

£ | 3 mth Treasury Bills

— D.3511 6 Mth. Treasury Bill® 12.B4
—U ,3 Mth. CD .14.30

1 °
1 — U

;-u

! FRANKFURT
' Special Lombard
iOne Mth. Interbank
! Three month

I PARIS
« irt-k 1 a Intervention Rate
'KSfiiS: 1 Mth. interbank
•Unch d Three month

‘—is

-ft

'--2

1 MILAN
1 One month
I Three month

! DUBLIN
1 One month
1 Three month

tlO

10.275

110.225

'l4

;14ft

: aoft

21ft

l

'l95e

192s

—Is
— u
- 1-11
^-0.30
-0.60

Unch'd
+ 0.55
■'-0.05

u

— U

! + 5b
■ &e

London-— band 1 bills mature in up to 14 days* band 2 bills 15 to 33 days, and
band 3 bills 34 to 63 days. Rates quoted represent Bank of England buying or
selling rates with the manay market. In other centres rates ere generally deposit
rates in the domestic money market, and their respective changes during the
week.

FT LONDON
INTERBANK FIXING

3 months U.S. dollars

LONDON MONEY RATES

. Sterling
Feb. 26 [Certificate
1982 .of deposit

bid 15

offer 15 l.B

6 months U.S. dollars

bid 15 1:3

offer 15 1/4

The fixing rates (Fab. 26) are the arith-
metic means, rounded to ths nearest
one-sixteenth, ov die bid and offered
rates for SlOm quoted by the market to
five reference -banks at 11 am each
working day. The banfe are National
Westminster Bshfc. Sank of Tokyo,
Deutsche Bank, Banqus National de
Paris end Morgan Guaranty Trust.

Overnight... .....

2 days notice..

7 days or.

7 days notice... 1
One month —
Two months-...
Three month bj

Six months

Nine months,...

One year '

Two^eara^™^

Local :Local Auth.' Finance Discount! 1 Eligible , Fine

Interbank > Authority inogotiabfe j House ,Company Market Treasury Bank ; Trade

Deposits : Deposits Deposits! Bills* i Bills* 1 Bills*

deposits 1 bonds

5-14*

\ 141*1448

, 14U-14U

14*14*

141A-14

14-1378
15* 13ft
i3;£-i3:i
137a-13i«

141b-14bb !
14 14ft |
. JL4-14*!
| loft-141* j
13&-14ie
I5ft-14 is
14.l4ia !

14E*

I4Z4

■
I

24

14

137a
14 is

1459-1439
14lfl-l4U
14l 2 -14l4
1^-2359
1418-1334 ;
137a-135a !

— ;i4i4.i4*a 13-134, —

14ft
14 r«
141 fl
141*
14l d
141*

I.

_ i

•14I--14B8' 1312

141* , 13lj !13ft-13*6

f 1439 13 5a- 13 13 1312-13^

142s 1314-1313 132a

14^ ; - I -

|

13 5(j.

13

155c-

13

13ft

TJ I

l«l

13ft:

14ft
14 U
14
135s

Local authorities and finance houses seven days' notice, others seven days fixed. Long-term local authority mortgage
rate nominally three years 14n» per cant: four years 1*3*2 per cent: five years 14’ E per cent, o Bank bill rates in table
ere buying rates lor prime paper. Buying rates for four-month ban*, bills 13*a rer cent: four months trade bills 14 per cent.

Approximate selling rates for one month Treasury bills 73 : i per cent: two months 13V13*% per cent: three months
IS 1 * per earn. Approximate selling rate tor one month bank bills 13*2-13% per cent: two months 12 u^.i3 u ji per cent
and three months 13% per cent: one month trade bills 14% per ceri; two months 14 per cent: three months 13% per
cent.

Finance Houses Base Rates (published by the Finance Houses Association) 15 per cent from March 1, 1982-
Clearing Bank Deposit Rates for sums at seven days' notice 11 V12 per cent. Clearing Bank Rates for landing 14 par
cent. Treasury Bills: Average tender rates of discount 13.2852 per cent.

Certificates of Tax Deposits (Sories 5). 14 J * per cent from February 16. Deposits withdrawn for each 11 per cent.

EUROCURRENCY INTEREST RATES (Market closing Rates)

Feb. 25

Sterling

1

U.S. Dollar

Canadian 1 I

Dollar Dutch Guilder. Swine Franc

Shortterm 14U-1412

7 days 1 notice

Month

Three months ...

Six months ]

One Year

14!*-14ii

14jic-i4ia

14-141*

14-14X6

13^-14*

131-13^4

141*. 145s

14^7 145a

147*-15I«

15.15X4

Uft-ISft

13-14

13-14

14*t-15l 0

1512-1558

1512 -I 6 T 3

1576-1614

9r{-93fl

958-91?

912-948

9*8 -9ft

S-6ia

4Ib-45b

7-71*

7ft 7:-S

8 ft -®rir

77 5 -a

West German Belgian Franc-

Mark 'French Franc • Italian Lira • Convertible Japanese Yen

10- 10 1 e
Sft-lOft
9ft-10 r «
015-lOrtf
10-lOlg
978-10

131--14U

13-%14l£

1458-1478

151-16

1658-167*

1658-1718

16-30 i
30-22 *

20X2-21 is I
21U-2178
2158-22
22i*-23

12-14
14- 16 is
14-15
14X9-147g
14 *-15
14ft-15ft

I

6X4-61&

64-6*8

6ft-6ft

SDR linked deposits: one month 1 2%-! 2*% per cent: three months 12 3L %-13% per cent: six months 13-I3 s a per cent: one year 13-IP* per cent.

ECU linked deposits: one month IZ^-IS 3 ! per cant: three months 13%-13% per cent: six months 13V 13^ P*f cent: one year 13%-12 z % per cent.

Asian S (closing rates In Singapore): one month 14V14** per cent: three months T4V-T4 7 * percent: six months 15-15H percent: one year 14*% -15% per
Long-term Eurodollar two years 15-V-15% per cent: three years 15^-15^ per cent; four years 15%15 ; a per cent: five years 15^-15 7 * per cent nominal closing
Shan - 19 rm rates ora call for U.S . dollars. Canadian dollars and Japanese yen; others two-days' notice.

The following rates were quoted for London dollar certificates of deposit: one month 14.20-14.30 per cent: three months 14.S-14.75 per cent: six months 14.70-
14.80 per cent: one year 1 4.70-14.80 per cent.

cent.

rates.

CURRENCIES AND GOLD

Dollar improves

THE DOLLAR SPOT AND FORWARD

Feb 26

Day's

spread

Close

One month

p.a.

Thrsa

months

pa.

The dollar showed a firmer
trend in the foreign exchange
market last week, despite a
decline in U.S. interest rates.
Three-month Eurodollars felT to
15 per cent Emm 151 per cent,
and U.S. hank prime lending
rates lost a similar amount to
16^ per cent onlv a week after
prime rates had gone up by the
same amount.

There was some encourage-
ment from the previous week's
money supply figures, which
showed a larger than expected
drop, while last week's figures
were not expected to show much
change, although a deficit of up
to S3bn was not considered out
of tbe question.

On Baok of England figures,
the dollar's trad e-wei eh ted index
rose to 113.3 from 111.9. The
U.S. currency rose to DM2.3S30
from DM2.3645 against the D-
xaark; to FFr 6.0S from
FFr 6.0175 against the French
franc: to SwFr 1.3950 from
Sv/Fr 1.SS50 in terms of the
Swiss franc: and to Y236.60 from
Y233.25 against the Japanese
yen.

Sterling lost ground on the
cut in London interest rates and
the lower trend in oil prices. Iti
trade-weighted index fell to 91.1

GOLD

from 91.6, and the pound finished
at its lowest level against the
dollar for about four months.
Sterling fell S. 2 o cents to S1.SZ15,
and also lost ground to Continen-
tal currencies: it weakened
to DM4.3450 from DM4.3S50; to
FFr 11.0750 from FFr 11.1525;
to SwFr 3.45 from SwFr 3.4950;
and to Y431 from Y432.50.

The Danish krone finished as
the strongest member of the
European Monetary System last
week, and tbe other recently
devalued currency, the Belgian
franc, was in second place. The
Belgian currency did not look
too comfortable however,
although any further devaluation
on top of the 8 { per cent was
ruled out of the question by
Belgian officials. The D-mark
ended as the weakest EMS
currency, but any future
pressure is expected to build up
against the French franc or lira.

Gold touched its lowest level
for 2; years on Tuesday, amid
signs of further sales by the
Soviet Union, and some possible
liquidation by Middle East
holders in the light of continuing
high U.S. interest rates. It
finished at 3362 { -363^ on Friday,
a fall of $4i on the week.

UKt

Ireldndt

Canada

Nethlnd.

Belgium

Denmark

77. Ger.

Portugal

5pa<n

Italy

Norway

France

Sweden

Japan

Austria

&witz.

1 .8140-1 .8260
1.4780-1.4840
1.2255-7 .2220
2.6130-2-6190
43.62 -43-20
7.9700-8.0000
Z.3730-2JS50
69.30-70.35

103.00- 103.30
1,279*1.282

6.0000- 6.0150
6.0650*6.0850
5.7820-5.7930
236. 40-237 jCO
16.70-16-74'-,
1.SE50-1.&S60

1.8210*1.3220

1.4790-1.4810

1.2267-1 .2272

2. G1 60-2.6199

43.75-43.77

7.9700*7.9800

2-3525-2.3335

70.15-70.25

103 00-103.10

1,280-1.281

6.0G50-6.0150

6.0775-6.0825

5.7825-5.7925

236.55-236.65

16.72=2-16/73*2

1.8925-1 .8335

0.08-0.1 3c dls —0-86

0.66 -0.56c pm 4.95

0.10-0. 14c dis “1.17

1.14-1 .04c pm 5.00

1c pm-4 dis —0.41

=«ot* pm -par 0.19

1.00-0.90pr pm 4.78

25-80c dis -8.97

8-18c dis -1.51

6VT*: lire dis —6.55

0.85-0 J>5c pm 1.40

0.10-0 .25c dis -0.34

0J»5-0.25orv Pm 0.93

1.75-1.60y pm 8.49

9V8gro pm 6.19

7.86

0.55-0. B5dis -1^2
1.45-1.25 pm 3. 65
0.26-0.31 dis -0.93
3.42-3.32 pm 5.15
2 pm-4 dis —0.09
par- 1 , dis —0.12

3.06- 2.98 pm 5J09
55-190 dis “6^7
30-40 dis -1 3B
19V21 1 , dis -6.40

1.6- 1J35 pm 1.00
1.15-1.45dis -0.85
2.55-2.35 pm 1.69
435-4.80 pm 824
24ft21 1 s pm 630
3.39-3.31 pm 7.08

1.28-1 .20c pm

t UK end Ireland are quoted in U.S. currency. Forvrard premiums and
discounts apply to the U.S. dollar and not to the individual currency-

THE POUND SPOT AND FORWARD

Feb 26

Day's

spread

Clcsa

One month

% Three
p.a, months

%

p.a.

Feb. 26

Feb. 25

Close.... .

Opening \$ 363 3, 3&4A:

Morning fixing £363. 25
Afternoon fixing 6362.60

Gold Bullion rflne ounce!

...:ss 621 2-36312 f£l 99-1091-1 :S365?:^3663 ;

C£199!<-199^ £566^4-367^4
/£199.753i >8568

96,794) 5366.45

Krugerrand..

T/2 Krugerrand ..
1/4 Krugerrand...
if ID Krugerrand

MapJeieaf-

New Sovereigns.
King Sovereigns.
Victoria Soys... ..

French 20,s~

60 pesos Mexico
100 Cor. Austria.
620 Eagles

Gold

■537312-37412
.4194-195
55899
: £59-40
S374>-375l8
68812-69
I S103L104
8103-104
389-99
! £450-452
8553-355
! 8496-501

Coins

<£2Q&-205l2>
f£106 la-107 1
h£53^e-54Ui

i£2l'-Q-22:

4£2 0512-306)
K £OSl2-*9i
/£56in.57j
f£56l2-57r
'£48^-64141
f £247-246'
ȣ193Sj- 194*0
<£272 U-275)

8376-377

6195-196

859-100

640-41

6377-578

S 8915-90

S 105- 106

8105-106

S91-101

6455-457

3357-359

9497 502

f£ 1991 ?-200
(£200-200121
f£200.764:
{£200,082)

(£205U 205M
r£Z061;-107|
■£5484121
(£2lh-22Ul
l£205^-206l 4 l
{£48*4-49 i
(£ 57 U -57 ^4)
l£57U-575 4 >
f£49V65.
{£24814-249 U)
{£194^1-195^4 j
i £271-273^4)

OTHER CURRENCIES

Feb. 26

6

£

Note Rate#

Argentina Peso.,. 18 l 235-18 9 255;<
AustraJfaDoliar.Jl.6955 1.6975
Brazil Cruzeiro...., £55.75 256.75
Finland Markka.. 6,2768.305 -

Greek Drachma..lG9.320-ll 3.235,
Hong Kong Dollar 10,75-10.75

Iran Rial

Kuwait Dinar* KD. 1
Luxembourg Fr...

Malaysia Dollar...

New Zealand Dir. 2,3185-2.3223
Saudi Arab- Rival 6.134.24
Singapore Dollar.: 3 A3- 3.84
Sth. African Rand. 1.7840- 1.7660
KJJLE. Dirham. ....; 6.64-6.70

148.60-
0.514-G.520
79.65-79.75
4.21-4.22

10,000-1 O p D*It
0.9320-0.9326
140,45-141.15
4.5470 4.5490
61.50-61.70
5.6915 5.8965
£1.25-

0.2843-0.2845

43,75-43.77

2.3115-2.3145

1.2720-1.2750

3.4165^3.4215

2.1030-2.1055

0.9795-0.9305

5.6716-5.6736

Austria,

j Belgium

Denmark

, France^

: Germany^

Italy

Japan

Netherlands

Norway

Portugal

i Spain

•Sweden-

[Switzerland

! United States

; Yugoslavia.^....

30.25-30.55

86-88

24.43-14.57
10.99-11.09
4.31-4.35
2310-2345
432-437
4.73-4.77
10.88' 10.98
124-1301*
1825 4 -193
10.40' 10.58
3.42-5.46
1.81-1.63
92.100

t Now one rata. 4 Selling rate.

u s.

Canada

Neihlnd.

Belgium

Denmark

Ireland

W. Ger.

Portugal

Spain

Italy

Norway

France

Sweden

Japan

Austria

Sv#itz.

1.8140-1.8280

2-2260-2.2390

4.74-4.73

79.30-79.80

14.48-14.56

I. 2230-1.2330
4.32-4.35
126.50-128 X
187.20*183^0
2.322-2.336
10.89-10.96

II. 02-11.09
10 49-10^6
428-435
30J6-30 55
3.43-3.46

1.821 0-1. 8220

2.2370-2.2380

4.76-4.77

79.65-73.75

14.63-14.54

I. 2300-1 .2320
43M35
1Z7.75-128.05
187.40-187.60
2^32-2.334
10.92H-10.93 1 !

II. 07-11,08
10.54-10^5
430V431-2
30. 45-30.50
3,44^-3.45^

0.08-0. ISc dis -0.88

0.304) .40c dis -1.88

2-1>-c pm 4,41

par-i5c drs —1.13

Vl : »ore dis ^051

D.54-0.66p dis -5^5

l^i-1-spf pm 4,14

50-155C die -9-62

15-45c dis -1-92

13-16 lire dis —7.46

IV’iore pm 1.23

V1==cdis , -1.08

ore pm- par —0.43

2.95-2.66y pm 7.79

17-13gro pm # 5.91

6.96

0.55-0.65dKs
1.20-1^5dis
5*4 pm
15-35 dla
dis

1 .45-1 .62dia
4^-37 9 pm
135-390 die
95-125 dis
434-46*3 dis
S pm*ft dis
5V6>4 dis
1V1*» Pm
8.05-7.65 pm
41-35 pm
5 z r-4V pm

-1-32

2^4-1 pm

Belgian rate Is ter convertible francs. Financial franc 86.10-86.20.
5&x-montii forward dollar 1,i5-1.25c dis, 12-mcnth 2. 10-2. 30c dis.

3J99

-1.25

-1^2

-AJ9&

ZM

- 8.21

-235

-7.71

-0.07

■2-08

037

7.28

439

5.65

FORWARD RATES AGAINST STERLING

Dollar

D-Mark

French Franc .
Swiss Franc .
Japanese Yen

Spot

I. 8215
4.345

II. 078
3.45
431 J)

1 month

13228

4-33

11.085

X43

428*2

3 month

I. 8275
4.30375

II. 1325
840125
423.15

6 month

4.26525

11^2675

33640

416.40

12 month
1-8435
4.19365
11.4130

404 .30

EMS EUROPEAN CURRENCY UNIT RATES

ECU

centra!

rates

Currency
amounts
against ECU
February 26

% change
from
central
rate

% change
adjusted for
divergence

Divergence
limit "A

Belgian Franc ...
Danish Krone ...
German D-Mark
French Franc ...
Dutch Guilder ...

Irish Punt

Italian Lira

44.6363

8.18382

2^41815

6.19564

2X7296

0.686799

1305.13

44.4936

8.10851

2.42523

6.18130

2.66148

0667159

1302.77

-0.45
—0.92
+0.29
—0-23
-0.43
+ 0.05
-0.18

-a45

-0.92

+0^9

-0^3

-0.43

+0.05

-0.18

±1.5440

±1.6428

±1.1097

±13743

±TJ5069

±1.6689

±4.1243

Changes are for ECU, therefore positive change denotes s
weak currency. Adjustment calculated by Financial Times,

Sterling /ECU rare far February 26 0-559404

CURRENCY MOVEMENTS

1

Feb .26

Bank of • Morgan
England Guaranty
Index Chang es%

Sterling ■■I’, "MIMPH f
U.S. dollar.
Canadian dollar....-
Austrian schilling..'

Belgian franc

Danish kroner.

Deutsche mark-...

Swiss franc

Guilder

French franc.

Lira

Yon«_

9M -32.6

113.3 +6,2
87.3 . —18.4

115.9 . -2«

96.7 j —0.2
B3.B , -13.2

121.6 : +44.7

153.4 ; - 106.1

114.2 ! +21^

79.7 , —14.3
54.9 . —57.7

_ 138 .5 i +38.6

Baaed oo trade weighted changes from
Washington agreement December, 1971.
Bank of England index (ban average
1975=100),

CURRENCY RATES

Feb. es

IBank! Special
• rate > Drawing
I % ; Rights

&terllng. w l —
KLS.f I 12

Canadian &.J14-.83

Austria sch J
Belgian F„ '
Danish Kr*»J
D mark.. — .-I
Guilder........ 1

French Fr.... 1

Lira
Yen

Nonvgn. Kr*.
Spanish PtiJ
Swedish Kr.j
Swiss Fr— ! -
Greek Dr’chJ 20 is

14 .

11 i

7x z !

ev

9i«.

19 !
5li
9 r
8 -
11 i
6

0.620557

1.12689

1.5B562

18:8537

49.3524

8.99033

2.68876

2.94963

6.65093

Unavail

267.073

677.374

•116.411

6.52682

2.13286

1 European
; Currency
; Unit

1 0.559404
: 1.01700
i 1^4916
17.0042
* 44.4936
, 8.10851
; 2.42523
! 2.66148
- 6.18130
! 1302.77
240.743
6.10960
105.157
5.88810
1.92617
1 82.8775

EXCHANGE CROSS RATES

Feb. 26

Pound St’rfingi U.S. Dollar

Dautsch a m’lfl Japan's* Yen

French Franc; Swiss Frano ‘Dutch Guild*

Italian Ura jCanadia Delian Belgian Franc j

Pound Sterling

UJB. Dollar

1

0.549

. . .

1.822

1 .

4.34S

2 JBB

431.0

256.6

11.075

6.080

-

3.460 1 4.765

1494 2.616 •

8333.

1881.

2.238

use

79.70

43.75

Deuiacharnark

J ft panose Yen 1,000

0.230

2.320

0.419

4.226

l.

10.08

89.19

1000.

2.649

25.70

.

0.794 1.097

8.005 11.06

536,9

6413.

0.515

5.191

18.34 ‘
184J

French Frona 10 0.905

Swiss Franc 0.S90

|

1,645 1 0.923 j 389,2

0,528 1.259 | 124,9

10.

3.210

3.115 4^02 ! 2107. ! 2X120

1. 1.381 1 676.2 f 0.649

11 M

23.10

Dutch Guilder l 0,210

Italian Urn 1,000 0,429

0.382 j 0.912
0.781 ] 1.862

90.45

184.7

3.384 | 0.724 ' 1. j. 489.5

4.747 ! 1.479 1 8.042 1000.

0.470

0.959

16,73

34.16

Canadian Dollar . j 0.447

0.814 1.942

192.6 ! 4.950 [ 1.542 i 2.150 j 1043.

__JL

36.62

EQUITIES

Issue

price

P

«8*

§2

22a

55°

1981/2

High

Stock

Low

«

■ —

RIGHTS'* OFFERS

-

issue

pries

P

J

ft

» 7J

■Latest
Renun c.
date

1

TT 1. .'■■77 1

1881/8 ‘I Stock - i

|s. }+»

°s= ■ *

• 5 a _J

High |

Lbw i

142

430

80

t

150
*90
II n
**

u n

46

!F.P.| -
:F.P. 12/2
(F.P. -
! F.P. -
F.P.13/1
F.P.! -

f.pj

F.P.I
FJ»,I
F.P.

F.PJ
F.P.|
IF.P.H9/Z

4/1
3 ;3 (

“ i

i

I I

194

30

G

567

85

10

165

92

53

14

1612

5

56

|Z&6 iAmersham i'l®3

i 29 jAMetfl Spacial IO0....1 29
| 2 ! Oo. Warrants 10p. 7

315 If-Eldridg. Pope £i.,.:357
51 {>£>Equ<PU lop. Mps^iHia- j 85
7 IF&C Enter. Warrants! 7
156
89
47

4i3;Peek Hldgi

13 Tswfip — .|

3 diviners lp. -

47 ;*York Mount *

j+B |b3.5 jMUjIU

!+2

'^Haytnre £1 i^O

1mm. Bus. Sys. 10 pi G2
>r* Malay a Ian Tin 5p ... 47

I3kr
15
4
55

„■ 9.S| 2.9, 3^!1L0

'bd3Jj 2.1! S^jTU

i J — I —

4

43 • 10.5; 4 1 BJ

’V

-1

i ..

- . - I - 10-3

.J F0.5 | — | 8.7 -

11.7! £a

FIXED INTEREST STOCKS

spmj ,, ““*

i 2 pmj n**.*

26pm I
360 |+2

FJjiSa 26/3; 229 ! 818 ME PC. -— f

Nil J - — [ 27nm ^ j se™] ...-

Nfl' 1 — : — I apr g tgpnHSteEUR

Ronunclatfod data usu.rty Uut djy jor dMflog

baswd «ia.x d OKjdwd.. l»M.

eatHM’r wet bwed pn dividend on fuH cnpiW. g A»eo"M4 nivMattlBiid

u Forvcan dividend: «ver be»«l on prawna QGrais.

yield - band on prtapecuw or otiiar offietol estimates fof

TFtourw tnuifttd. eFigiiru or report «*"'“'*• * Sj^*SlStet3 Svidend,.
of sh.ras not row ranking for divitf^.ar rsBldng o nl y d bjf under.

5 Pleotag price, p Pew* unless otheiwtee I

fi Oder ad -to boldew of ordinary •!«»» « • J—**"*"

cephelisnton. ?5 Mnuodacd. . ff tesoed to i- ofcJara’

mftfflRr nr trodwar 83 inirnductSan. n Issued "to former preference -

Issue

price

4

- a L o

§= S§2
eI ! 4*-S

1981/2

Stock

5 e

|+or

!

High! Low

1 « ^

oa

1100

100

C «J

|£&5

F.P.

F.P.

F.P.

Nil

£10

50/7; 301.1 293flBarclay» IB* Ln. Stk hAnnTTWt? **

— . 114 ill! iRpirfHinalnna BrfiW CnV. Lll. 200IME 1 11 J ......

100
W99

4100 £10
4100 F.P.
90,53 1£20
— FJ».

30/7;

114

— 1 202
26/2.212

Boddrngtons Brew 9%% Cnv. Ln- SMW-flfi
Churohbury Ests. 6.4% Cnv. Lnl983^;..|

J Do. 8 pc Cnv. Ln. 1987

2pm} lpmlHuntlng Pet. 10% Cnv. La. 199 1

. 1012:101® I Lee Valley Red. Prf.

18/31 13 12 IMId-Kent Water 9K Rad. Prf. 1M7^._[100 i a , . —

— 11007*1 993 4 Nationwide Bdg.Soc. 16% il7/l/63)„. • 10Tg -

- :i001 t ;i00 • DO. 1BS8 %i7i2/83) — ......

1 21 I 19*4 1 Trans-Canada Pipelines 16i% Notes 2WI\ 1954—1

111
|202
212
2pm|
10 ia,

With vrairanu. ft Dee! Engs-, under special Rule. ^Unilstaa
Market. London Urf«*g. * Effective Iwue on* rfaer
daeft Uir.lxidaj Ru)# -.163(2) (a). . ** Uiut oompnatotf five emnSfK mm
Cap. .Starts,. _ - . • . _ — ... .

LOCAL AUTHORITY BOND TABLE

— f

— ;i22 ,105 IVinera 10% Cnv. Loan 1988 — ;.-.iiaS

; . — -

Authority

(telephone number in

. parentheses)

. ■

Kncwsley. '(051443 6555)

Annual Interest Life

gross pay- Uinixuom of
Interest able sum bond

% £ .Year

14i I-year 1,000 «

FT UNIT TRUST INFORMATION SERVICE

OFFSHORE &
OVERSEAS
FUNDS

A dig Investment

tarts* 706, 6000 Munich L Tef«/ 524269

Adlrenfij.- IDM20IB 206!

Adiwrha.

Fomfik
Fondn.

Albany Fund Managensnt Limited
FO. Bov 73, Si H*l*r. Jervf. 0534 73933

AtutiySFd. fCi) ...lUSIUDQ 163.62/-3J8I 2J5
Wit Mi mg Marti)

Per Alnanbr Fund tff Lijyth Bank JrtL Guemf.

Allen Harvey & Ross Inv. Mgt- <C.\.)

I Clurfnq Cross, Si. He*rer. J sy C I 0534-73741
AHR Dollar Inc. Fd...|IIS5Ma 1Q2M ■ I 13 92
AHRG.USdg.Fd |11J2 1094-0051 13.0L

Aniaece International Dollar Reserves
to Bank of Bermuda. Hamilton, Berroda
Adv: ACMI. 6263 Queen St, EC4 01 248 BE81

Oistnbutkin Frtmary25($0 000373Hl«%pJ J

Arbuthnot Securities (C.U Ltd. (s)(cHh)
P 0. Bo* 2B4 ( Si. Holier. Jersey. 0534 76077

Dollar income Til --10.983 10211 ... . I 15i7

SVScf SSS )..® 1 «Q| -!s 3ll

Darit Deanncs—gM based on (o-vcaui. _

Sterling Fd JZjUM 136 9| .4 0J7

Dnbng on WMnegtay.

8. LA. Bond Investments AG

10, Baaierstraue CH630L Zuft Switzerland

Bearer SCd.Fetl 19 ...110,165 1Q.71MH . I —

Bank of America Internat io nal SLA.

35 Boulevard Rovaf, bueotog GCL
Wioumi Income —JuSItTW 108531 . . .] 1758
Prices at Feb. 15. Hen uM>. day Feb. 17.

Barbican Managers (Jersey) Ltd.

P.o. Bov 63, St Hef*r. Jersey 0534 74806
Barb. Inc. Fund 11089 - | -.1 ZOO

Barclays Unicom International
I, Daring Cron, SL Hefier, Jersey. 0534 73741

(J nw Ht Trust |3£6 _ «0.M *05 15.j$

UnmllArTruM ^ -. BSSUSl 12.41J . ..7] ZOO

Unibond Tmsi IU558&U 89 4^ . . J lXSO

0624 •

W :i 2
43^ -M 5888

53 o3 ..-1 170

S.G. Europe Obligations 5JL

EurnoMIMq H QB S — 1 USS44.19 ML20f LS6

Eurotax -limstmeitts Ltd.

3. Alrtoi Sl. Douglas. We d Man.

l/K AgetitsRS. Sl. Albans. 9727 33166

Euroux Imr. Fund 11063 • 11Z0J ... ] —

F & C Mgmt. Ud. lift. Advisers
1, Laurence Pmirtney H1U, TC4. 01-6234680

Hcisaarj J§&3 L:rJ

P das. Fetnury 17. bfeeHf dwngs.

Fidelity International.

8 QjcrtsMty How, Queen St, SL H el l er
Jmey, ufi-
Amoncasi Assets.- ..

4m Vah.Cam.Pf S3-.

Amman Vah. Cera.*..

Airiraiu^^.

Dollar Savings TniU^

Far EaM - 1

Intematioul

Pacific.^, .J

World _ _.

Leapohf Joseph & Sons (Gbemsey)

Hirzel Cu Sl Peter Pon, Goerxuec 0481-26648.
LJ. Sterbng Fund .—.|£1450 14511 ... -I —

0534)73741
?^j24TO6

Save & Prosper Internatrenal
Dedmg 10

P.0. Bac73h Si. Hdltr, Jenry
Hxed Interest Funds '

0534 73933

U,

$3 37
USS7.99
USS89 73
USST911

0534716%

-ora

MIG
-DID
-047

Hi m '

1354

059

070

G.uFirf;^;“;:__i22.1 J 22.3* " 114.01

*PncK at Jan. 3L.

Fleming' Japan Fund SJL
37. rue Hntre-Oamr ( Luembourg
FIcti mg Feb 23 I US$58.48 | 4 -

Frankfort Trust Investment — GmbH
Wiewn&l, 0-6000 FranWuK

Frac^Worid Fund Ltd.

Butterfield Btdg^ HamUiwi, Beimuda.

NAYOec. 31 | * US$15332 |

G. T. Management <UJC> Ltd.

Park Hse. 16 Furdaurv Cirw.

Trt* Q1+&8 8131- TU: 6861G&

King 6

L Cbarmg Cress. SL Heifer; Jersey,
valley Hw. SL Pewr Fori, Cmsf-'
iThpiias Street, Doii^klI.O.M.’
GiH Fund (Jersey} " 7;
GiUTiuatlANtl-Jer 864
Cm Fnd. 6uert«yjE7.65' . 7.

InCL Sort. Secs. Tit
First Sterling
Fust IrrtL™.

K^mwort Benson Group

20, Fendwth5u EC3^

Guernsey Inc.

De.Accum -

K.B. Eurobond Fd

K.B. Far Easl Ft| J

IC.B. Gift Fund -~ .—L
K.B. UK. BiLFd. Inc.. I
KJL InLBcLFd. Acc-

K B. hvL Find.:

KJB. Jaoan Fund

KB. SierL Asset Fd. .103560
K_B. U5.Gwtb.Fd.-

Signet Bermuda

Transatlantic Fd.

rum

OeutschnartcBd^.

Dtlr. FwkinLTt

SI.FW—

Yen Bandit J

[DM9 22

ulronMrfti Fund . — Wi „

Interfiatl. : US$979

Far Eastern**... ... . tJ»jE596
NortiiAntencan-T . .pJS6»

I 13.50

El U

2om| ^

9 741 _
7 89 ....

wy -

1,2991 . ...
10.

10-!^

1 S3Q -

ill?

10 14
13 07
385

259

01-6238000
-29

^ 7,

800

01 .... J

-4 -r

Ser.

1 Thomas St . Douglas. «e o.Man
Unicom Aust. Ext -. .. 52.1

Do. Autt. Mm *8.0

Do. Grtr Pacific,..-, 1198
Do led. Income ... 29 5
Do. I*fe of Man TsL-. 908
Do. Man Mutual ..^49 2

Bishopsgate Commodity
P 0. Ben 42, Douglas, Ijo.M

ARM AC- Feb 1 RB320

COUNT— Feb 3 6.160

CANRflO~Febl ... £1353
MAPSA-Jan.4 _ |S9 73
Ongmal tune *510 are **£1.

Bridge Management Ltd.

GPO 8o« 590. Hong Kom

N*bash! Feb 1 1 V28.335 I

Nippon Fd. Fet>24....|USS2L9B 22.97|

London Agents fan

Anchor Cllt Edge-

Anchor trl Fd , . Nl ..

Berry Pac Fd.

cTtetaFL. 9 .::;::

C.T AwollaF? “ - |®S A —

G.T. Band Futf. JiSSwj —

G.T. DoHarFd

5 1 W Ffl -

u.l. invest. KL

G.T Japan Small to ..

G.T. TodwiQlogyFd .

G.T, Pacific Fo . ..

G T AseaoGrorebFd

Ms. ffl

HKS2DM
K277^ 2B B3i

■U5SLL33M

USS15 ^

■■189

1488

Korea Inter natkmal Trust
Fund Man.: Korea invest Trust Co Ltd.
cioVWttrt da Costa Lid, King wniiam Sfreei.
London,' EC4. 01*6232494

Feb. 26. NAV^gfao^T^JU JDR Value

The Korea Trust -

Da than Investment Trust Co. Ltd.

FKI Budding, 1-124 Voi do-dong, Seoul, Kdrea.
NAV Fobruary 20 (Won 11*140] CUSS15.681

Lazard Brothers &' Co. (Jersey) Ltd.

P.0. Box 10B, St Heller. Jersey, C.l. 053437361

La^iresjm: Sf “Bunarali “”ii MSa

Uoydi Bk. rr.L> tl/T Mgnu ■

P.0, Boy 195, St Healer, Je**». 053427561

Uoyds Tsl 0'ieas; J801 85.3 — J 1.49.

Het\ pealirn date March ^ A ^

Ubyift Trust Gilt &08 8891 .. M .J 13.90

Next dealing date February 24

Commodity - -"' *t — 11012 IjB i
GdcfRuKT™’ IU55921

**

*— fefinary 26. “Fetauara 25. (Weffrty deakngi)
Only dealing

Schroder Life Group •

Encemrise House, Portsmouth. 0705 27733

International Fiuidf

£ Equity VS? m

SRxed Interest..— .. USSLIU

t Managed

SMataged — h/3l6»

138 1}

Ml

1401

EM

Schroder MngL Sendees (Jersey) Ltd.
P.a Box 195, St. Hdite, Jenry 053d 27661

Sterling Money FeT . 1^230371 12.017T1 . — ] —
Next utecrlpton day Mart* 3L

J. Henry Schroder
m Cheaps**, EC2.
Am. tmr.TsL Feb 17-ft
Asian Fund Feb 15 ....
Cbeapside Feb.26 ....!
Darting. Fd. Feb 26. ..
Japan Fd. Feb. 25,..^
Trafdpr Fd. Jan31.

Wagg A

74 -

0313.«

'1 i

ia io.'

USS229.66

. Schroder Unit Trust Mgra.
Box 273 Sl Ptter Port, Guernsey.

AUmd. Zemcf.

£ M&d Interest

£ Equity

S Fixed Interest — ™

SEqi^ty —

Int Ltd.

0481 28750

023

051

Ltd:

0624-23911

Gartmore Invest Ltd. Ldn. Agts.

2. Sl Mary Are. London, EC3. 01-283 3531

Birtmere JM Mnagerv (C.l.) Ltd. (a) fh>

41 Bn>ad Sl. Si. Hew! Jersey. 0534-73741

Gilt Fund (Jersey) loLu 85.01 | U.40

Gartmmt FM Mantnm fFv Cast) Ltd. ta)(fa)
1503 tfutchd&a Hartourt W. H. tong

Uoyds Bank International.

P.G. Box 436, 1211 Geneve 11 (SvUztffend)

Ltoyfe Im. Growth 604501 .1 0.70

Uoy* Int- Income |SFZ3B0 33361 .... J 8.0

Lloyds Bank lnteniationa! r Guernsey
P.O. Box 136, Guernsey; ChvmeV Islands.
Alexander Fund Ugl l fll \ —

Life ^

Mngd. Curacy Life Ffl 4803
£ Fixed Int Life Fd— £17,3

E Equity Life fd - 1D18

S mxm lot Life FcL_ 987

88 8]

Hen dealing »ch

SOD
2000
400
1C 00
LOO

Australia Tr.—^ — ,
HK&Pac.U.YsL..<

Japan Fd. ,L—

N. Amniam TSI — w.
Inti. Bond Fund.—

*01 BM

L30

9.60

Met assn «lw FtO r uar y

Louis Dreyfus Commodity Fund
chk Tnistee, P.0. Box 1092. Cowman Islands.
Feo. 5. Value per UolrUSS5,000.

M .& G firoup

Three Quays, Tower H'H EC3R6BQ.
Atlantic Ejc. Feb. 23.

AuVaNan EjlF« 24,.

GcJd Ex. Feb. 24 Jll

Scrlmgeour Kem'p-Gee Mngmt^ Jersey
L Otaring Craft Sl H«i# r, Jersey. 0534 73741.

SKG Capital Fund — 1160.1. 1650}.... I —■

SKG Income Fund. p2.D 53J\ . . J 8.93

Gill Bmd . K337.4 123 6^ +2.H —

i:.\ T;

128

Britannia IntL Investment MngvrL Ltd.
Bov 271, Qinmnaf Nora, (teem Street, SL
Hflier,Je«seyC.l. 0534-73114)

U.S. Dollar Dem»i biased Fundi

Gxitmera Fond mana ger * H0M> Cai
P.0 Box 32 Oougtn, Isle ol Man T«i. 062423411
Gan more Intf. Inc i—S07_ _Z2g ^.^j.lSJO

Gan more Kill. Grdi.-i

1411

060

Am Smaller Co*. Fd..|S

£0

GoW FuiXT.
llonetfl Gfwfh Fund.

Dollar Income Fd

S tifMpg DenoflilnaM Funds
American Imeaments. . 48.2
Australian Peri. Fd. . BQ3
Far East Fund - . . 9oJ
Jerser Energy T« .. I7.b

UlC^rthYSrS."".
USMFumr^ fej

15101-lQrj
-COW

OJffM
518)

M

i§.?3

a

-cog -
-03Z

-0 *4
-107
-291
-01
-fl_l
-IB
-D4

13.60

400

a

^3

Assicurtziom GENERALI SLpJL
PO. Bo« 1^, Sl Peter Pon. Guernsey, CL

■ ■ ■

Granville Management Limited

P a Boi 73, Sl. Hrifer: Jersey. 0534 73433

Granville Inv. Ty. idKr M,r ; - B 1 4U

(Accuoi. Units]
ldand....j, —

(Accuni Units).

Management International- Ltd.

8k.of Bermuda BWg, Bermuda. 804-295-4000

BfelHtMa Msim

Prices on Feb 39. Not dealing, m 2L -

Mdlanif Bank. TsC Carp, (Jersey) UiL
28-34. HMI Sl. Sl HeHer, Jmey. 0534 36281

Mid. Drawn Gilt |9U _-_ . 9171-eOiJ 13JW

Sen try Assurance Intematioiiat Ltd.

P O. toe 1776, Hamilton 5, Bermuda.

Managed Fund tySHUTB 5J566] —

Signal life. Assurance Co- Ltd.

2C Secretary^ lane^ Gibraltar 010350 73037
01-6264588 Growth Strategiesfd.-K232 —

Singer & Friedlander Ldn. Agents.

2% Cteuttn St* 92^2489646

»s«h«zraiB , i7.j iis

WHyli

Next

1286j-riHW 1238
SbS - n 025
WeAly Mmtays.
Ration 2275%

•wuq uqrevr ruci
Mifugrd Curacy. Fd ‘

Capital D<p. Tnoi”
ritely mlir
•^TbodJy

Brown Shipley Tst. Co. (Jmey) Ltd.

P.o Box 583. Sl Heiier. Jersey. 0534 74777

uia - . 0 ? 5 !

Butte rfiekl Management Co. Ltd,

P.0 Bov 145, Hantihog, Bermuda.

Bditrm Eaukty. .. ,.|US»29 434 ...1

Buttretf Income,.. _l227 2^ . 1 1

tares at Feb. 1. Next nb. dav Mar 8.

Cal investmetits (loM) Ltd.

Guinness Mahon Fd. Mgo. (Guernsey) '
PO Box 188, SL Peter Ptet Guaravy. 048123566.

IrttLFund BM.78 20J9|

taoa at Feonwy .JJB. Next dealing

Hauiliro Pacific Fund BgnL Ltd.

2110, Connaught Centre, Hong Kong
Far Ea« Feb 17._.'— MKSZU? 24.B9I . . | —
Japan Fund Feb. 2bJusSf7l 2fl.4l|-02ll —

flto toyion luL BotxL|US5LD7 "L
Samuel Montagu Ldn. Agents

9.17

Trust Mngrs. Ltd.

3 HIM Street Dongtas, COM . .062423914

Strategic Metal Tr. ...FU5S0.946 09701.. -| -

Stronghold Management Limited

P.O, Box 315, St. Heifer, Jmey. 0534-73460

Commodity TmsL-«~. 1133-62 14035] ... M J —

Surinvest (Jersey) Ltd.

4, Hill St^ Douglas. Isle of Man
Copper Trust—. 10240

0624 23414
D 051-0X01 — .

114, OTd Broad &UEC2.

saws

ni Feb

Group Feb. 1 „

.117 tab! io|tl2

117 Stfg. Res. Feb 23|OL64

01-588 64b4

053473444
14.44
14 44
566
566

XJO

110

1068

Jfc.%srre£-- , Wb"i

CAL Meta*” te0.7 8501 } —

Ken dealing day 'Ma^ch 1 "March 8.

Capdirea SA

P 0. Box 178. 1211 Geneva 12, 010 4122 4662BB
FriaW 132 701 ..j 190

Hamfaros Fd.

P.O. Box 8b, Guernsey.
TCapitil Reserve FdL.

CJ Fund „

Special Sits. Find: . .
SwrtoqjncuiBe Font*.
Trans. T reu.^..

imnJ. Bond

InL Equity

Int. Svgs. A'SUS -J

im Svgi -B'

■ Pr W tn Fffetary

(C.L) -Ltd.

0481-26521

MnenK OBs Res. Shrs. Fd. Inc.

PO. Box 194, Sl Holier. Jersey. 0534 27441

MORES Feb 25 JUSS9JH 952)-0J37] —

Adviser)

041-2215521

Murray, Johnstone Xlnv
16% Hope Su Glasgonr, C2. “

sas i”H ~ ■.

4.31.1 USS4J7 | ] —

Pacific Fred Jan.

Bondttfei

Capital Asset Managers Ltd.

Bermuda Hfe. St. Jui*** Are. Sl Peter Port,
Guerme>Ci. 0081 Zb As

The Cirrency Trust ...193 D 10001 - f LOO

Capital Internationa] Fund SA
43 Boulevard Royal. Lnenbun
CmaniiL Fund / ussa0 9b \ ..._J —

Central Assets Management Ltd*
ChamwMIse.SL Heifer. Jersey. 053+73673

Central Asws...... ..[£211J7 211201 .. \ —

Charterhouse Jap Net
1 Pauraouer Row, EC4 01-2463999

•Prices m Jan H Ken q*. (Uy March L

Chawton Commodities (tefe of Man) Ltd.
29, Altai Street. Dougfas, laM, 0624 21724

knraarey Metal Trust- f£l-313L
Normandy 1

Tticrudrs irattaf charge on uiu

Henderson Admin. (Guernsey) Ltd.

7 New Sl., Sl. Peftr Port. Guernsey 0981 26541/2
American (US gvnufjllflj 120JJ ...I —

H Anderson Baring Group

801, Gfeucesier, 11, Pedder, Hong Kong

Australia- JUSS7 90

Japan Tech Feb. 22. [USSIE 36
Jaj»nFd.Feb.24,l|

Malay Sing. -Fri

BKSMS

ag»?’.5aK_

V fnctove of PrchB M y tittrge. I WeeM y

Hitt- Samuel & Co. (Guernsey! Ltd.

B LeFebire St. Sl Peter Port. Guernsey, C.l. .
&*rnseyTu |2Q23 ZL6 4| ♦OA* 3.25

HBI Samuel Investment Mgmt. Intnf-

Nah 'Westminster Jersey Fd. Mgrs. Ltd.
23125 Braid Si ,.SL Hetter, Jersey. . ®34 70041
- Interne Fund..^i«.7

■■ ■* - -.. WL5

I Bnxr ' JK4 54j_

■Sub. day every Thin.

0534373323

Nog it

10t Boo lewd Royal. Luxembourg
NAV- Feb. 19 — -J0SS9.28 -

T--J -

Coti.JSL

Caffk Currency 4

0363

4JI0

SB

Cembfll Ins. (Guernsey) Ltd.

PO. Box 157, SL Peter Port, Guernsey
Intrt. Min Fd |225.0 245.0| -2JJ| —

Cortexa International

20a, Boulevard Royal, Luxembourg.

Corteca Infnl J USSHU J-0-T3I —

Craigmount Find Int Mngrs. (Jersey)
P.O Bn JQ5. sl Helier. Jew. 053427561

GlJl Fundf Jsy.) J85.5 . BStofl .. j 15,80

valued wekiy WcffaevUy

DWS Deutsche Gcs. F. Wertpaplersp
GrunrBurgvfrg J 13. 6000 FranWun
Inrewa _ .1010025 J1^0f*OOS| —

Delia Graup

P.O. Box 3012. Nassau, Batanus

Mr Inv Feo 23 _ IU5S183 - 3.121 016[ -

London Kmart fieiun. Tel: 01fe£3 8000

Deutscher Investment-Trust
talta* 2665 Bfebergas»'6-10 WOO Frankfurt
Concentre WhS 16«J-0C1J -

P.0. Box 63, Jersey.

HSChanwl K Fd.^

H.S. tajpc-Fd^.^,.

H-S. intnL Gtti. Fnd.^[

Bwaa^flera^Sraae itere

mcMBBUu-

<-C. Trust Maiugcn Ud,
10. 5i. Georges Su Oduglw. loM
Jm. Commodities Tst .fH.5
Men fifing

053476029

VCE.L- MarnatUmal Ltd.

P.O. Ete 119. SL Peter Port, Guernsey, C.

t&ea&isP*--

ssfjn saa-'

ImnL Managed __ _

Pacific Basin Fbmf T
10a Boolevard Royal, Luxembo u rg.

..ussu^3 j-acm -

hsr. fid*.: iL & H inv. "fttegL, Uo, Londoo.

Ptaocnte InternafftnaS '

PO Box 77. SL Peter Port, Guern.

Inter-OoHar FuadLlL.

Far East Fund

IntL Current Fond..

Goto Fitf. IriL Fund.

Sfer. ExerqotGUt Fd.

Consdty. Inti. Feb IB
Pacific Iraj. Feb. IS ..lussLZB

048126741

0624 25B3S

. X

ihl wntemoDU..

*Q(

Dreyfus InteremitfnentM Inv. Fd. -
P.O. to R3712, Nusiu, Bahamas.

NAV Feb 23 |VS&* 2J^5| ^-4

Duncan Lawrie Inv. Mgt Ltd.

Victory Hse, Sl Peter Port, Guemey. 0481 28034

Emson & Dudley Tst. Mgt Jrsy. Ud.
P.a to 73, SLffriier. Jersey. 053473933
E.D.T.C.T. [124.0 13MT . .4 -

The English Association
4 Foe Shm, EC2.

E.A. Income

E. A. Sterling* £74 g

*Her\ iMtog Feb 24. *”hfvt outag Mertfa 3L

Eurobond Holdings H.V.

Pieterram 15. Wdifmttad. Cur®». -
Lsreon Aomk Intel 1>3 Wofthm St . London EC2

day March

IGF Management Services Inc.,

CiO RegKXran. P.O. Bet 1044. Cayman b. BWL
lnterur.GoldFund^..m5»73T 70J4| _.| /

N.V. Knterbeheer

P 0. Boa 526. Drift; Holland :
Ei^Mbto(0nerPce)|I»n.l3 - MZQ >a

International Bond Trust -

2, BoufeganT Royal, Lviembourg

WAV Feq 24 IDSSUL34 1034|*Q02[ — „

MtemattonaJ Pacific lirr, Mqmt. Ltd. " .
P.0 to R237. 56, Pin Sl, Sydney. Aial
J jvdm Equity Txt. ..^JAS3.2Z . 3-314 .. . | 7£S

Investment Advisora, Inc.

Fim imemationji Plaza, Homron Texas.
FunMc InwsL Ffl. ^.1 - £3«

UK Agrifli- .James Fufey Teh Otfl
swreetg Threw CBrie TG

Imdda Investment Management

2 Chvmg Cm, Sl Keller, Jersey. 053473741.

sssskss-iss" m d i-a

Jardhte Fleming & Co. LDL
46ih Floor, Conreaspl Centre^ Knig PCoiw

tMBSSirr!™ " ! - 1 «

j.F.jiM«SK«acfc.

•PrtnriWeiw* Capftel Life Ass. (C.M
PO Sift 121, Sl Pwer p»t Sumsey 0481 2b7H>H

lnd.EtentyF0 ^ USS14< 12

. ta» « : FS5T2C Next dealing

Guest Fund. Man. fJerseg) LU.

P-O. toW4, 5 l Heifer, Jersey. •* - (S342744L

; Prices on ^ufy^V-tot Miete 3?^

QtiRtarfHmnatd Coiatnotfftfes-

31*45. Gresham Street. EC2V 7LK: 03-6004277

Rose. Fd. let- F*b.L .|Sl43.f3 ISJtt-,.1 —

-• ■ • Next dHRog Ate «wdi L *loienni.

RBC Investment Managers limited
PO Bex 24^ SL Peter Port, Guemw. 04B1-2302L

TnU. Income Fo. ■ |usn!8T 9.<

I«L GwrtarFd.__.q39gfr ID.

North America Fcl«JdS4J2

Jtunmce Rbnagers Ltd.

P.D. Bx. 1549 HmmVtoatodi. (809-29] 2^7979
RAMIBCOMkl REEL 1 8J7| -t -

Richmond Ufe Ass. Ltd. .
AHaStraeLtogf^kaiL . 062423914

Trust Funds (C.l.)

10 Wharf SL,5 l Heifer. Jersey (Cl)

?p&5KKsi«

rtliSa^a-l:8 __

Pries on fthnmty 34. Ncn ub. dir Man* 1

Tokyo Pacific Holdings N.V.

Ivdinra Manoeneat Co. N.V Curacao
NAV per share Feb 22 USS89.il.

Tokyo Pacific Bldgs. (Seaboard) ILV,
Inbruts MmgemeM Co. N.V. Curacao.

NAV per Shire Feb. 22. D5S65.02.

Tyndall Group
2 Hew SU SL Ht&er, Jersey.

?ffSk£ *gy K

(ACQMD. siaroj .......

.AmenanFeb25

(Araim. shares)

.Far Eastern Feb 25 „ 1362
lAcctm. *ares)-^...Jl4S3
JreseyFd. F*b24....Jlia8
[taKl.Acc.-Uts.).

Victory Nani
High Inc. Gill .

[Accum Stores

Managed Feb _

Ewto Fet». 18 107. b

RxedTribrwl Feb. 28 . 172.0
Prcmertv Feb. Wj

Mwrtlittl Feb. 18„ VSS3 K55
&agij Inti. Feb. 18 -.^(U594 J75

197 i

4 0W

3 sSl

l 3nS

M. & Tyrrell & Co. (Jersey) Ltd.

P.0, to 426, SL Hotter, Jenry, C.U
Onac 1 _ usSKLOOl , \ —

»nW™GWSf^„£f* tft *«•

57.«$£3'L u ’

UnteiK lnwsfaitBt-^Meincftitft rataH
Poafieh 16767, D 6000 Frankfurt 16.

.-Uodbnds P5.02 ■'

uSSSa^:— --rl BSia *

v^inmicial Management lid.

4^ Euax.9lreeL Londta, WC2. 01-3536845

PanAmer. O^s Fd. |U5S52fl — U088I _

For to Dvtsem A Assoc, see V.CA. Finical.

\totantgh Fund Mngmt. Ml. Ltd.

2B -M Hi ff Si, Si Hel fer, Jersey. 0534 36281

VwAn^i Currency Fd.QOS.8 • 209-Of „.\ . 4^0

S. (L.toarg & Co. Ltd.

30, Cretan Stmu E (2. 01+004555

Wartaug limit- Mngt Jrsy. LU

7 Ubrary Ptace, St, H«ier. Jsy. Cl 0S34S7211
,M«t Cmjl. FtO. 23 ..IU431 14 *8 | 3 «

' 03 -M 237S

maJU P-J *

6.42

3.84

01-588 70B1

7JS

rrJSSlnts

Do. (Accumj

JF. Intel Tsi_.g.

Dfl. (Actum.) :

ifffiwSS-

SA'ftSLtoisP 8 ' “

AusvrehjTu

apNaraTnat^;-

SSSS'JSJTz

lom - : Wren

MerFar Ti Feb 24

.Mecrtlt Feb. 18..-..,

Wanllty Investmaiit Service, Ltd-

4da FTodi. Hutchton Home, -Hong tog

tordley Trust

Wa dflp Mtftg AS. ft.

UfaydgtodTrttU
Wdnflejp Japan Tr«L

World WUe Growth Management^
■‘Mfl, Boulevard Royal, Lux e mb ou ra

ssc£ss;s t is»““*

HU7

t ^

RottraiH AiHt'MsnagtflMAt (C.O
p«0. Box 50, SI. Atnns CVfrKnric?- 048126331
(kCAnwriesFd.t

Co. - ^.

mnwdjte*

IntvntioMl Reserves Limited

.CinadiinS_;. SJg JStamoreS™.

& Ml A,imnma | ■ lbSuninBui_ a j.

B55W .K£hSra«

fanftFfina..J 12UW _

•K mrt i toilu t r

ICmmumI

CMnewfunSj

Fhaqdrifl

WrenJflCtl

0U4SO1
^■661

<70 FffliTiFnnes^J
— ■ . ■ ■vrir*. «* B

• NOTES

B Wa.iinljM attenito htfand.
VV«s %.Wwjn m to* column) Nhw toruM buying
wgBMyi .Offered pi mefedr art ntnw

5 *J fw ^ •“W «

d . QUmifwt: ■ . g Tbdav * opwing pner.
h thsfrtbuitnn lm at UK laxn. p Pwnodic
won Marne* plans, % Sngfe orcmtuoi
‘ KnrSyr. y.O ffewtf -pric* •n^odn all anpews
w apjw ^mmmawnKi,- W.rtd price ,ndud«
all -UOenici.'tf faouchf Uxongh mimgruj Pmmi

Hm ■ naif I f-H^ mu .. j

A

a..

. " t 1

cmrtixwoi Aimes Monday March

■

Cmaafes and Markets

19

MARKETS

HEW YORK

ini-8 ;
WbK l-taw |

l

i -

’V

!* ^
h U %

k:

H

i

81k

as*

16k

57k

68 U

S 6 S|

31k

30k

4Alg

36k

47k

80k

48k

16k

lUl

28k

88 X|

81k

58

a*k

084

307s

Hk

1 B 1 |

Stock

84
187 B
8

844
33&o

si 7 >

84
171,

soi e

144
304
8 k
314
Sr,

85
104
80
184
161*
84
26

*■ 36k
24
12 k

8 k

{ACF InauttrtM,

A tap

7S. .

>n*l

vSi'i •• .

AVXOOrp^

A&bot Lab*

Acmo C/ov«_

lAdoba Oil 6 e Gaft.
| Advanced Micro.
Aetna Life * Gas

Ahmanson <H.F.)

Air Prod «V Chem

Ataona. «...

[Albany lot....... J

'Aiberto-Ciitv

•AlbertaenV.

Alcan Aluminium
lAlco Standard...
j Alexander A Ai..
Alegheny inti...

Allied Corn

Allied Stores
AtllE-Cha)merk«
Alpha Portd .

374
01 Eg
67
48
43k
21
46
57
44l|
364
177,
54
469,
254
37
507,
481,
47,
444

88

34

ZB 4

23S,

17

87a

344

255,

86 k

25

16

394

387,

144

886 ,

317,

2 !5

3014

717* 46

31ft* 81*

Alco&n,
AmaLSugar

nilldki,.,, n 1#l ,tj

Amdahl Co rp.

Amerada Hees^_

Am. Airlines

Am. Brands^

Am. Broadcut’g

Am. Can

Am. cyanamld...,
Am. Elect. PowrJ

Am. Express 4

Am. Gen. I nance.
Am. Hoist A Dk...
Am. Home Prod-
Am. Hosp. Suppy
Am. Medical ItttlJ

Am. Motors

Am. Nat. Resces
A m.Petfina..

A m .Quasar Pst-

234

42

287,

274

174

124

377,

294

26k

28k

16k

45k

414

243,

364

42k

854

2 S«

33k

57a,

10 «,

Nigh

1 B 8 L 2

414

614

24

491,

22S,

67a,

Low

stock

88 a, Columbia Gas—
*84 Columbia Plot-..
17 Combined inu...
*04 Combintn. Eng.J
177, Cm with. Edison-
6 * (Comm. Satellte-

Feb.

26

304

614

204

304

214

574

241,

587,

56B,

28

84s,

344

444

56k

184

184

303,

404

42S,

19

484

Ilk

284

41t,

171,

224

24

24o«

404

15

.*4

23a,

27

296,

15

28k

Comp. Science-.

Cone Milts.

Conn Gen. Inn—

KiiiiNinma

Con*. Etfton

Con*- Foods*,..^
Con*, Freight...,

Con.NftteGtes.sss..

Conumer Power!
Conte Air Line*...

ContL Corp..

Conti. Group

Conte lillonl*.

Conti. Telop,.^..
Control Data.

14
80 1*
49%
827b
34%
33**
S3
40%
17%
3%
25%
27%

sou

15%

35%

43

31%

61%

35%

28%

62%

88*4

48

20

43%

387a

24%

410*

24%

21 %

48%

25

20 %

441*

197*

26%

151*

281*

20

14%

21 %

Am. Standard*...

Am. Stores

|Am. T«1. AToL.
Amato Ic lnc^ IM ...

|Amfac..~~

Am p

Amstar..

[AmsteacMnds^j
jAnohor Hookg....
Anhowur-Bh .....

Arc tier Daniels.-
Arm co ...

86 %

31%

54%

28%

22 %

517*

24%

26%

17

42%

29%

16

21 %

18%

17%

48%

407*

31

667*

31%

317*

27*4

13%

9

21 %

25

237*

351*

23%

11 %

20 %

Armstrong C)C_.
Asamera OIL...^

mrco... <MM .

Ashland
Asad D Goods....
Atlantic Rich™.
|Au5S«u«lft.-

13%

9%

21 %

24%

29%

3604

26%

16

23

60%

41%

49

25%

32

28%

30%

46%

37

23

59%

36

23%

49%

24%

29%

18%

67%

25%

41%

25%

29%

20

24

17%

17%

33

28

14%

43

22 %

17

24%

5?*

17

11 %

51

16

AvneL.

Avon Prod

Baker

[Baft. Gas ft EU

Ban Cal._>.

Bangor Punts.
Bank America^.

Bank of N.Y„. 4

Bankers TkLNeYj

Barry Wright

Bausch ftLombJ
Baxt Trav Lab. M .
Beatrice Foods., J
Bookman Instr.J

Baker liufs

Bell & Howell....
Bell Industries _.|

Bendix

Beneficial -

44%

25%

301*

26

25%

17%

18%

437*

34%

17%

45%

35

18%

49

57*

187*

16%

52%

16%

32

37%

21 %

38%

33%

43%

47*4

31%

28%

5%

26%

58%

39%

17%

36%

31

31

37

27%

197*
20 %
13%
£9%
20 %
18%
26%
25%
18%
17*
29
46%
1B7*
127* j
26%
20
15%
23%
13%

Beth Steel.

Big Thee Ind 8 e..j
Black ft Decker J

Block HR.-*

Blue Bell_

Boeln* VIMt ... MNM ..
Boise Cascade —

Borden

Borg Warner. —

Breniff inti

Briggs Strata
Bristol-Myers

BP.

Brookway Glass,
Brown Forman B

Brown Grp-

Brawn. A Sharps
Browng Ferris*...
Brunswick w—.ss.

207*

22 %

13%

35%

22 %

1B%

26%

31%

25%

2

237*

65%

10 %

13%

29%

27%

16%

32%

21 %

*

12

i.

25%

27%

72

82%

66 %

63%

60%

38

597*

21 %

35%

34%

45%

44

543%

33

01 %

147*

.16%

38%

157*

27%

34

42
28%

43
11
26%

Bucynxs"£riet-~»| 15%

Burlington Ind M
Bu rii ngton 71 rthn
Bumdy ......

Burroughs ... — 1
OBI inds. —

[CBS S,. a. i. a aft bm.bb b

CPC IntL

CSX..

Campbell Red L.
Campbell Soup...
197* jC&rapbeftTfcgg...
25 (Canal Randolphs.
2734 Can. Pacific

247* [Carlisle Corp— -

2504 Carnation — J

33% [Carp Tech-

!»s.

46l*

17%

367s

35

43

377*

60%

11 %

52%

20 %

26

27%

24%

297*

35

55%

16%

47%

74%

26

39%

4504

42

36%

52%

67%

50%

12 %

33%

54%

65%

31%

47

41%

31%

43 {Cooper inds. M . M .,

0% Coot* Adolph .

25% Copperweld_._
44% Coming Glass—
17% Corroon Black

24 Cox Broadcast' j

27% Crane —

27 Crocker Nat

25 Crown Cork.—.

(Crown Zell _

Cummins Eng,...
CurUss-Wright M .

Damon

[Dana

Dart A KrafL....-

[Data Gen

(Dayton-Hudson J
IDeare.-

Delta A irggik>«.aifl Ma

Denny's.—

24

30%

53%

6 %

217*

43

41%

20

31%

22 %

19

447*

10 %

29%

447*

19%

33%

27%

29%

26%

26%

38

77*

25%

50

45%

30%

32%

29%

32%

IB

12 %

41

14

112 %

13T*

25%

66 %

25%

42%

33

38%

83%

53%

15
22 %
70
55%
2104

11 %

11

86 %

20

8

8104

97*

16

45

12 %

31%

241*

21

30%

2404

11 %

16%

54%

35

16%

Dentsply Inti

Detroit Edison

Diamond irrtl

Diamond Shank-

DfGIprglo

DfgHaU Equip

Drift ng ham -

Dillon—

Disney (Walt)

Dome Mines—.
Donnelly CM}—
Dover Corp—
Dow Chemical.^
Dow Jon

Dr. Pepper— ....
Duke Rower-

Dun & Brad-.

DuPont. — — ...
fEG * G.

16%

117*

37%

20

83 t

84%

11 %

20 %

51%

13

44%

25%

21 %

48

28

11 %

22 %

63%

357*

17%

>77*

1204

293 4

647*

41%

147*

51%

29%

B

28

49%

19%

36%

3004

16

5

16%

61%

26%

10

19%

17

30*

20

36%

10%

26%

1704

Eastern AIrGnesJ

Eastern Gas ft F

Eastman Kodak

Eaton... . —

EohTIn Mfg.— ,
Eckherd Jack*...

Electronic Dated

Elect. Memories!

(El Paso

Emerson Elects

Emery Air Fgt...,
Em hart-..
Engelhard CorpJ

18%

5%

81%

69%

28%

11%

197*

20%

3%

25%

42%

10%

32

21%

34%

19%

57%

34%

26%

50%

407*

35%

28

9%

261*

26%

12

39%

6%

43%

35%

13%

46%

19

Enserch h. < mnm ...
Errviroteoh

Esvnark

16%

Ethyl

14%

Evens Prods.^^

187b

Ex Cano

28l«

Exxon

20

PNC* WMH. . a.a ..

1Z%

Riberge.-— - T -^

3>i

Fodder*

111%

Fedarel Co

IBh

Federal-Mogul M .

6ia

Fed. Nat.MorL...

24M

(FatL Paper Brd-

XJa

Fed. Resources M

19%

p i ^ I*! h ■ ^ 1 1 , , 1

»S»

Firestone.. # .|

31N

(“T 'vTTt^Th

75b

20%

14%

50

19

16

187*

280 4

25%

16%

3%

20%

20%

8%

29%

1%

41

S’*

i*

20%
72%
687*
42%
15%
17
35%
17
36%
5%
297*

lt%
20
5904
61% ;
39% !
26% j
904
52%

13%

47%

51%

21%

12%

10

25%

10%

16%

1%

15%

7

7

43%

427*

28%

14%

3%

57%

ICcrter Hawley...
{Caterpillar—....
rCalanese Corp ...
(Centex
[Central ft 5w— ,
^Central Soya-.^,
rCentralTel Util...
ICartaln-teed ....
[Cessna Aircraft.
[Champ Home Bid
Champ Int^. — -
Champ Sp Plug..
(Charter Co—.....
•Chase Wan hatt'n
[Chemical NY —
Cheese Pond.-_
'Chicago Piteurp..
Chrysler-..^...-
|Chubb. M .H.M. MH .

13%

47%

53%

23

14%

10%

280*

11

177*

£

17

7%

7%

59%

55%

31%

15%

4%

45%

45%

29%
67%
30%
35%
45%
13 T*
16%
39%
28%
U%
43%

22% (Cincinnati MIL.-
21 ig {Citicorp—

27 Cities Senrfci*.."
City invest

21

£3% lCJark Equipment]

Iron.

2B% |C1eve
97* 'Coro X
9% .CJuett Peaby^.—

30% iCoca Cola—

14 (Cof gate PaJm^...
8% iCoUmiAikman...'
22 jCott Inds

22%

26%

20

227*

247ft

29%

11%

15%

30%

17%

11%

20%

40%

44%

25%

47%

5

4%

14%

310*

3104

25%

40

25%

40%

35

16%

41

18%

24 1 *

29%

11

*4*.

1st NaL Boston -l

2*.

l*t Pan a.

2

81*

IS

241*

^ ‘\ i P • 1 if.wibi

157*

Jvrt* 1 ''i JRDGIP"

31%

221«

s-gja^mnS!

18%

Freeport McM._.

16%

Fruehauf

85*

GAF |.

29%

GATX

19%

2704

31%

11%

41%

27*

4%

13

15

297*

19%

54%

127*

187*

17%

- 9X *

29%

1981-2
High | Low

6%

13

47

19

20%

35%

21%

3%

31*

327*

97*

14

221*

14*4

Stock

Gt.AtlPM.Tea4
Gt Basins P*t-
GtNthruNekoml
(GtWestFimncl.
Greyhound ....... .

Grumman-,—-.
Guff ft Western.

Feb.

26

4%

3%

36

10%

14%

247*

157*

48%

3B%

84%

35%

197*

377*

207*

3i%

59%

21%

26

58%

27%

26%

40%

39

53%

51%

39%

29%

£2%

38%

247*

117*

28

14%

24
50%
1504

9%

25
175*
187*
23%
267*
38%
5304
15

IGUlf Oil HllftNNNM

Hail (FBI

Halliburton—.
HammarmHI Pprj
Handle man— —
Hanna Mining—
Haraourt Brace-
Harris Banco. —
Harris Corp.—

HarscO hiihiiihiiii

Hsola Mining—

HalnzftU)—

Hollar Inti...-

H .routes

Harsh ey

Heubleln

Hewlett Pkrf

Hilton Hotels..—.
Hitachi -

301,
286a
39 U
256,
UT,
29 >4
147,
26
321*
IB i,
97,
30k
18
80k
34k
373,
421,
57

26k

351,

67k

707,

1141,

15k

BAS.-

^ 1 S|J

19%

50%

19%

‘21%

55

31%

44%

30%

21%

29

24%

687*

87*

15%

14%

29%

34%

16%

35%

14%

51%

20

Holiday Inns ...J
Holly Sugar

HomastsKe —

Honeywell

Hoover

Hoover Uni

Hormel Geo.v._.
(Hospital Corp.-.
{Household Inti-.

Houston inds,

Houston Nt Gain
Hudson Bay Meg
Hughes Tool ......

Humana^

28

57%

24%

767*

B7*

1504

17

30%
15%
■ 1B%
S6i*
16%
51%
24%

-1981-2
High I Low

12%

W7%

33%

64%

109

407*

15%

14%

26%

85

39%

63%

88%

18%,

22

49%

343ft

67%

6

90%

16%

45%

62

21%

2%

10

16%

60%

217*

.49%..

52

1 4 .

15%*

20%.

25%

41%

Stock

MGM

Metromedia
Milton Bradley-.
Minnesota MML_
(Missouri Pbc ...J.
Mobil
Modem Merchg^

Mohasoo -

Monarah Mrr. UM .
Monsanto
Moors McCmriL.
IMorgan (JP) .......

Motorota

Munsingvroar •...

Murphy (GQ

Murphy Oil

Nabisco Brands.
Naloo. Chem,

Feb.

26

B%
175%
16%
547*
62
227*

5%

10%

17%

67%

25%

55%

52%

14%

14

200*.

31T*.

47%

173*

26%

29%

29%

31%

27%

4004

28%

16%

307*

39%

18

11%

IBS*

22

21%

18%

14%

WU

20%

13%

22%

177*

13%

Industries)

can,... J

Detroit

L DisL Chem-
Nat. Gypsum
Nat. Medical Ent
\HzL SemleductrJ
Nat. Service IndJ
Nat. Standard . IN
Mat. SteeLw.

[Natomas —

-

15%

20%

217*

20%

15%

£0%

227*

13%

23%

187*

14%

75

266*

17%

57%

78

15%

420ft

48%-

47%

36

39

19

14

275*

35

107*

28%

52%

267*

21%

(NCR*.

piew England El^
NY State Eft G..

[NY Times-

Wewmont Mining
Nlag. Mohawks.

NICOR Inc.

Nielsen (Ad A —
NL Industries
NLT—

46

26%

157*

34%

55

127*

29%

42%

261*-

23%

16%

46%

40%

50%

20%

34%

87*

7 5*

180ft

23%

791*

35

41^1

317*

44%

43%

71%

6%

20

29

36%

12

17%

3%

4%

60ft

123ft

50

20%

200ft

24
£7Sft

25
49

Husky on)-

Hutton (EF)

lands-

INACorp.

IU int-.

Ideal Baslo Ind.

Ideal Toy-

1C! ADR.

Imp Corp Amer.

INCO--.

Ingersol Band-
Inland Steel-....

Intel

Inter First Corp.

Interlake..-.

Inter North

60ft

32
32%
45%
12
19%
87*
87*
. 87*
13%
507*
21
25%
24%
31T*
25
617*

25

257*

10%

19%

373ft

677*

27%

29%

45%

317*

34

383ft

127*

42%

23%

267*

49%

17%

Inti. Flavours...—

66b

Intd. Harvester.,..

7

Int. Income Prop.

33%

lnt.Pftj»r

.2 1 *

Int. Rectifier.......

25%

Int-T.l & T.l

42%

Irving Bank.

20%

James (FS)

22%

i rr ' ’raBMBi

■ 1 JI| | B S 1 . ■ 1 ii i i '

29%

Jewel Cos ..I

16%

£2%

Jf*

28%

fff tit TUrti'niW

V*

iii dl •*,*V ti n

30%

JoyMnf^.^ — |

15%

141*

fl'f * 1 M -l # m 1 1 i l 1 1

36%

Kaiser Steel |

18%

6%

8

35%

12%

27

46

20%

25%

297*

177*

23%

37

22%

31%

17%

14%

45%

345*

150ft

27%

24%

42

43%

IS*

72%

9%

41

27

10%

270*

257*

23

42%

571*

16%

Kaneb Services^

91*

Kaufman Brd M ...

8%

Kay Corp

1704

26%

30%

Kerr-McGee J

1B%

53%

PCmberley-Ciark.

J 1 *

King’s Dept St....

27

Knight Rdr. Nws

14%

Koppers.

47 S

Kroehler.

19

Kroger-..

130ft

LTV.-

130ft

Lanier Bus. Prod

Lear-Slegler.

245*

Leaseway Trans.

16%

90ft

9

22%

30%

51%

200ft

60%

2%

28

14%

27%

15%

20

24%

25%

45%

32

23%

40

42

68%

34%

45%

39%

*2*

7%

51

34

29%

107*

■> 1 • ITp

1 r w

Uz-i

’ 1

l - r _ •

a • i •

B' v MMjiti

i r TT

[cf? 7 ' j m ry nqpgpM

i *j( 3 [TTTep

Ml-LTM

■m i Z T f

34%

18%

15%

37

23

53

31

36%

57%

37

4T*

35%,

28%

197*

5

36

51%

62%

35

92%

351*

550ft

27%

20%

30%

59%

25%

17

35%

24%

47

16%

27%

11%

1&04

16

£0%

38%

337*

Genuine Part**.-

[Georgia Pac-

Geosource

Gcrbem Prod

Getty Oil-

Giddlnm Lewis.-.

Gillette

Global Marine-..
Goodrich (BF).-
Goodyear Tire—
Gould

(Grainger (WW).„

33%

177*

35%

247*

47%

19%

320ft

15%

19

19%

20%

39%

377*

437*

50

41

29%

68%

46

81%

53%

106%

57

367*

60%

30%

397*

35

167*

35%

57

17%

302*

24%

227*

22%

47%

35%

50%

25%

73%

22%

25%

21

160ft

15%

207*

12%

20

38%

12

Lenox-

Levi Strauss.—.
Levitz FurntT— .
Libby Owens Fd

Lilly (Ell)

Lincoln Nat-...-
Litton Ind*^...—

Lockheed—

Loews —

Lone Star Inds ...

Longs Drug Strs.

Louisiana Land-
Louisiana Pac
Lowenstein .
LubrfsoL— — .

Lucky Strs

Mia Com.- 1 no— j
...

MacMillan

36

24%

30%

22%

57%

41%

50%

49

as

22%

250ft

26

17%

291*

207*

13%

20

.46%

15s*

54%

40

59%

265ft

9%

62%

383ft

32%

78%

11%

29

615*

21%

347*

50%

39%

35

13%

26%

26%

40%

39%

33%

20

3%

33%

22%

21%

36%

9

19.

337*

14%

21%

20

25%

25%

11

19%

15%

26%

Norfolk ft Westn
NttuAnuComU
Nth. AmJ Philips)
Nthn. stale Pwr.
Northgate Exp-.

Northrop -

NWest Airlines.-

NWest Bancorp-

INwest Inds-

N westn Mutual.J

Nwest Steel W-.

Norton

Norton Simon —
(Occidental Pet—
[Ocean Drill Exp.

Ogden - — .

lOgilvy ft Mrth. _
[Ohio Edison

lOneck.-.

48%

23%

341*

26

3%

450ft

27

213ft

62%

904

19
342*
217*'
21%

20 -
25%
29%
131*
19%
15%
28%

21%

33%

30%

32%

25%

67%

187*

237*

29%

337*

12%'

13%

17%

24

17%

31%

115*

190ft

20

21%

OutboardMarinei
(Overseas Ship,...
(Owena-Cornlng -
(Owens-Illinois —

PHH Group

PPG Inds I

Pabst Brewing...

Pac. Lighting— .■
Pac. Lumber.-...)

197*

«%

18

25%

207*

31%

141*

22%

25%

22%

20%

29%

57*

46

36

25%

85ft

32%

56%

57%

12%

135ft-

2%

305*-

15%

17%

5%

217*

21%

35%

Pac*TeLftTeL._

IPalm Beach

Pan. Am. Air..— .
Pan. Hand Pipe-
Parker Drilling-.
Parker Hanf n—
Peabody Inti.—.

Penn CentraL

Penney (JG)_

Pennzoil...— .

18

13%

27*

32%

16%

19%

5%

23%

317*

42%

10%

39

36%

25%

25%

58

48%

14%

37

55%

58%

45%

327*

35

32%

87*

733ft

33%

48%

26%

85%

7

27%-
195ft
167*
13%
407*
26%
12
23%
42%
500ft
35%
21 %
22
19
5

53 '
.19%
22%
195*^
65%

Peoples Energy
Pepsioo

Perkin Eimer

Petrie Stores.

PetroVane

Pfizer

P helps DodgcT'L
Phila Elect.—..

PhJbro

Philip Morris

Phlinps Pet —
PYilsbury

Pioneer Corp

Pltney-Bowes ...

Pittston

Planning Res'ch

Plessey

JPolaroicL

Potlatch ...

Prentice Hall

Procter Gamble.

8

34

20%

22

147*

55%

26%

14%

25%

455*

32%

41

22%

24%

19%

60ft

66%

193ft

£45*

£5

83%

66

397*

267*

44%

107%l

£4%

45%

41%

217*

76%

43%

42%

47*

187*

16%

51%

41%

30%

135*

28%

45%

16

29%

29%

13%

29%

28%

26%

1%

135*

6%

23%

IHtae

jMfcrayHanover— |
Mamrille Corp—.

(MaPCO....-

Marathon OIL—
Marine Mld...«*

Marriott-.- —

Marsh McLenn.--
Ma rah 2 d I Field-.

Martin Mtta

Maryland Cup.-.

Masco

Massey-Fergn.-.
Mass Multi. Corp
Mattel——..
May DepL 5trs.-

58%

51%

14

3204

73%

24%

58%

53%

21%

29%

32%

52%

1%

177*

16%

240ft

29%

17%

407*

72%

487*

50%

56
14%
32%
39%
43
39%
47%

57

102%

66%

437*

22%

12%

270ft

49%

24

29%

39%

65*

201*

29%

303ft

301*

357*

54

76%

477*

26%

Maytag— ..—...j 23%

McCulloch .....
McDermott URL*

McDonalds ...

McDonnell Doug
McGraw Edison..
McGraw-Hill
McLean Trukg M .
Mead

Madia Genf-i--....
Medtronio .

Mellon Nafl

Melville

Mercantile Sts
Merck •..m.mmh.i

Meredith

[Merrili Lynch—

12%

28

59%

307*

325*

495*

14

20%

37

38
36%
43%
547*
78%
59%
317*

20

217*

28%

73%

39%

43%

10%

32%

14%

11%

4%

541*

54%

14%

63%

15^|

16%

18%

15

24%

50%

11%

7%

16%

10%

6%

2%

31

17%

8%

290ft

10%

Pub. Serv. E & G.| 197*
Pub. S. Indiana^.! 21%

Purex- [ 27%

!Pu relator —J 270*

Quaker Oats j 38%

Ouanex \ 12%

IQuestor - -....| 9 %

JRGA.. . 17%

(Raison Purrinalir 1 12 %

Ramada Inns ■ 5%

Rank Org. ADR.J 5%

Raytheon \ 31%

Reading Bates -J 18
Redman Inds —| 11%
•Reeves Bros ..—r 63
jReicfihold Cbcml 10%

317*
45%
18%
31%
27%
25%
503ft
20%
52%
39% ;
36

50% I
145* ]
147*
43%
710ft
22%

21% [Republic Steel. J 225*
28% IRep of Texas...... 29%

10%

13%

197*

12

26%

10%

42%

19%

25%

30%

9

11%

251*

46%

147*

Resch Cottrell.—; 12%

Resort Inti A 1 16%

Revco (DSL J 23%

Revere Copper J 12

Revlon I 307*

RexcvMTL.......— 1 12%

ReynoldsiRJ) - 455*

Reynolds Mtfs ■ 20%

Rite Aid- -.i 297*

Roadway Exps-.i 300ft

Robbins (AHj * 12%

Rochester Gas-.i 130ft
Rockwell Inti— ■ 285*
Rohm ft Haas.*... | 5102
Rofflns_ I 17

49

15%

23

17%

49%

39%

265*-

39%

30%

39

65%

416*

37%

687*

42%

36

10%

7%

42

26%JRolm 1 347*

10% 'Roper Corp : 10%

11% {Rowan -........-.-j 11%

12% {Royal Crown ...~J 15%

Royal Dutch 1 29

Rubbermaid — J 38%

Ryan Homes j 14%

Ryder System— I 24%
SFN Companies-! 185*
SPS TechnoTgiW 183*
Sabine Corp~--—! 35%

395*

. Safeway Stores-!

37% [3L Paul Cos—.,

27 |3L Regis Paper,

15% (Sente Fe Inds-.-.

6% [Saui Invest.

4% fSaxon Indus-

£5% Cohering Plougtu

28%

23%

14%

24

16%

18%

29%

51%

243ft

28%

50%

27%

155 4

7

4%

27%

2981-2
High I Low

167*

TJ7*

31%

27%

15%

27%

61

37%

55%

24%

43%

45

44

23%

35%

44%

77*

46%

20

15%

11%

17

47%

21%

25%

15

34%

231*

32%

23%

17

20%

5304

Stock

schlltz-Brew
)&chlumbeg&r
SCM-.

Scott Paper.,-,.-
Sounder Duo V J t
Seaoon
[Seagram .
teeaTed Power —
Searle (GPi — —
[Sears Roebuck-,
Security Pac

Shell OH

Shell Trans

Sherwin-WmSft—

signal

Slgnode

Feb.

26

13%

477*

20%

18%

12-

20%

62%

26%

32%

160*

36%

30%

33%

25

19%

233*

411*

115ft

241*

19%

65%

88

15

257*

23%

30%

127*

37

47%

54

98

34%

33%

66

26%

57%

37%

8%

11%

110ft

33%
595ft
9%
13%
14%
23%
11 -
84
34%

307*

74

20%

23%

28%

17

24%

27

20%

simplicity PatL..

Singer-..

Skyline.-...-..—.

Smith Inti

Smith Kline

Softest* Inti

Sony

Southeast Bankgi
5th. Cal. Edison-
Southern 06. —
Sthn. Hat. Res-..

fethn. N. Eng. TeU 42%

Sthn Pacific.

Sthn. Railway-...
Southland

sw Banceharee-j

Sperry Corp. —
spring Wills — .
Square D,.—
Squibb

Std. Brands Pairrtl

80ft

14%

127*

34

66%

9%

13%

15

30%

12%

265*

30i*

88%

25%

27%

29%

23

25%

Sir*

22

673ft

79%

71%

21

27%

26%

17%

35

40%

50%

56%

47%

197*

71

56%

34%

30%

37

31%

15%

187*

19

126*

22%

178ft

307*

33%

26%

14%

49

.467*

25%

27%

std Oil cnfomia.
Std Oil Indlaiuu

Std Oil Ohio-

Stanley Wks

Stauffer Chem ..
Sterling Drug-..

Stevens (JP)-

stokoly Van K...
Storage Tech. ..

Sun Co

Sundstnuid ...—
Superior Oil . .....
Super Val Strs-.

Syntex. — ...

niw

Taft

Tam pax^ ...........

311*

38%

33%

16%

20%

245*

155*

31%

22 T*

35%

39%

27%

17%

.63%

467*'

20%

34%

’ 35T*
173
61%
51%
257*
49%
44
786*.
41%
125
41
22%
38%
370ft
640ft
49%
£6

.41%

58%

£07*
119%
45%
27%
14%
293ft
31%
423ft
265*
703ft
24
18%
215ft
17%
45%
28
7%
! 265*
40%

Tandy ...

Teledyne —

Tektronix..—-—.

Tenneco

Teaora pet

Texaco

Texas Comm. BkJ
Texas. Eastern.-.
Texas Gas Tm.._
Texas Inatr’mta.
Texas Oil A Gas-
Texas utilities
■ Textron ...

Thermo Electro..
Thomas Betts.....
Tidewater
Tiger Inti — -
T1 me' In c.~.

Times Mirror ......

32

129%

48%

27%

215*

30%

33%

43%

257*

82%

26%

207*

23%

170ft

51%

■28%

8

' 347*
45%

78

35“

34%

25%

29%

26%

30%

28%

530ft

16

52%

12%

18%

93ft

19%

17%

£0%

137*

38

6%

Timken

Tipperary

Tonka

Total Pet

Trane - ....

Transamerica .

Transway-

Trans World....
Travelers —
Tricentrol

54%
13%
237*
97*
29 .
21
207*
19%
48

14%

30%

28%

31%

12%

635*

62%

62%

17%
117*
117*
15%
■ B%
50%
44
42%

rriCqntfnenta!-,
Triton Energy—

Tyier. -

UAL- -

UMC India#.---,,
Unilever N.V. —
Union Camp. .....
Union Carbide..^

18%

13

20%

17%

8%

61%

46%

44%

45%
78
10%
17
53 -
5004
58%
51%
12%
56
350ft
36%
51
35%
65
23%
69
4404
34
21

2704

36%

5%

9%

31%

370j.

£9%

10%

6%

20

Union Oil Cai

Union Pacific... M
Llnimval

US Home...

US Inds

US &hoe~

22%

15%

36

81%

36%

15%*

46%

22%

£3%

10%

f IT ; f

US SurgicaU

US TobaccO^...^
US Trt Kt ili( . rTr ....

Utd. Technolgs^
Utd. Telecomms.
Upjohn M

VF - .

VarTan Assocs.-.
Vamitron

297*

.37%

6%

9%

35

44

30%

11%

87*

23%

247*

18%

45%

34%

357*

19

487*

31

29

107*

13

55%

29%

44

28%

62%

247*

40%

10

40%

11%'

28%

15%

34

17%

19%

26%

59% r 27%
35% j 247*
£5% 19%

11% 3%

317* 12%

5304 i 221*

30% I 18%
40 J 24%

(Virginia EP.

Vulcan MatrJs._.
[Walker fH) Res...
WaHVIart-StoresJ

IW&maco

(Warner Comma-
Warner- Lambt -.

Washington Posti

Waste Manfft.

Weis Mkts

Wells Fargo

W. Point Peppu...
Western Airlines
Westn. Nth, Am r.
Westi ng house

Westvaee -

[Weyerhaeuser.

12

41

12%

41%

24%

55

23%

28%

277*

38%

25%

20%

4%

1504

22%

2104

265ft

65

395ft

30

38

507*

17

4g%

37

6%

295ft

27%

42%

16%

637*

21%

38%

21%

35

19%

187*

227*

28%

7%

22%

26%

2%

20%

16

31%

7%

357*

J 31 *

207*

10%

Wheelabratr F-.
Wheeling Pitts...
Whirlpool

[White Consoltd..

Whittaker -

jwiokes

IWiUiams CCi-iiu,
Winn-Dixie Sta.,..

IWinnebago

wise Elec Power!
[Woolworth

Wrigley

wyry

Xerox — ..

Yellow Frt 9ys.

Zenith Radio..—

33%

28

24%

23%

29

8%

23%

•31%

47*

2904

16%

32%

8

377*

13%

207*

13%

CANADA

1981-2

'

Fab.

High

Low

stock

26

271*

IS 1 *

AMCA IntL

19

32

19

AMtlbL..._.

19

18%

578

Agnloo Engle.—

6T 8

46%

22%

Alcan AJumln —

241*

487*

36%

Algoma Steel.

361*

445a

13.

Asbestos

14

34

a i**

Bk. Montreal.....

22%

34

22li

Bk. Nova Scotia.

22%

13^*

3.10

Basic Resources

3.20

£0

£5i,

52 1 *

37

12

25%

37%

18

43

16%

17

14%

22%

19%

5

9%

240*

7%

15

8%

Bell

Pow valley.

BP Canada.—
Brsscan

Brin co

B. C. Forest— . —
CIL I no. —

;Cad I llacFal rvlew
Camflo Mines—.
■Can Cement— .

177*

13%

29

20

5%

9%

25

97*

15

420ft

E6%

34
317*
'54%
27%

35

S4<4

Can N W Lands.-

293c

Gan Packers

261b

Can Trusco

255*

Can Imp Bank—

33%

Can Pacific

16

Can P. Ent....

28

Can Tlre^*. , mit

25%

51%

27%

£7%

33%

17%

32%

30%

72

29%

13

23 0ft

14%

13%

58%

30%

17

443ft

14%

6%

7%

7

3.50

26%

143ft

Chieftain i

Comin co-.—...
Cons Baths* A _.|
Corrt. Bk. Canada 1
Co&eka Resrc'es

Coatain

Daon Dav 0 L. H>M .
Denison Mines-.
Dome Mines.

19

60

15%

7%

8%

71*

3.50

260ft

153ft

25%

49%

24%

37%

116

49

270

307*

12%

28%

93ft

33%

15

193ft

62

16%

196

13

3J20

9%

[Dome Petroleum
Dom Foundries A

Dorn Stores

Domtar. — .

FalconN ick s I

Genstar—

Gt.- West Life

Gulf Canada—
Gulf stream Rot..
Hawk Sid.

10%

34%

16

20%

64

19%

235

135*

5.40

12

49%

37

30%

51%

21%

42

37%

28%

19

18%

25

17%

183ft

21

6%

290ft

21%

15%

12

13

IHol linger Argus-
Hudson Bay mng
Hudson's Bay—,
do. Oil ft Gas-.

Husky on

imaseo.—

Imp OKIA—
Inco-.-

Indal

Inter. Pipe..—

£5

20

190ft

48%

57*

42%

21%

16%

13%

15

52%

12

5.87

78

1EI*

48

46

13

347*

59%
27%
4,05
96%
22 .
263ft
24
7.3

21%

Mac Blood el

8

Marta ft Spencer

1.95

Massey Farg

33

McIntyre Mines..

57*

Merlwd Exptor-

181*

Mitel Corp. m

35

Moore Corp..

67*

Nat. Sea Prods A

18

No ran da Mines -

523*

Nthn. Telecom...

6%

Oakwood Pet.—

1 AO

Pacific Copper—

66

Pan can Petrols

71*

Put i no

11%

Placer Dev. . .

12%

Power Corp.

2.06

Quebec Strgn

22

9%

216

35

7U

2704

38%

7%

180ft

56

8%

1.75

66%

20

121*

127*

2,10

22%

127*

41%

32

22%

17%

72%

28%

40%

• 1%
9%
31
22%
13%
7%
58
16%
257*

| Ranger Oil

.Reed Stenhs A —
Rio Algom— .—
Royal Bank..—
Royal Trust co A.
Sceptre Res.,—
Seagram
Shell can oil.—
j&teel of Lan A.~

67*

11%

36%

24%

137*

8

63%

16%

26%

217*

45%

£4.

35%

27%

13%

23%

35%

15%

38%

' 83ft
217*
18%
26%
18
. 8%
4.60
14%
1%
30%

Peak B.

[Texaco Canada-
nhomson New* A
[Toronto Dom Bk.
Tran&Can Pipe.^
Trans Mntn. Oil A]
Utd. Sisco Mines
Walker (H) Res.-
West coat Trans-
Weston (Geo)

9

22%

230ft

28%

£4%

9%

5.50

15

12%

35

GBtMANY

. 190
High

1/82
[ LOW

Feb. 26

Price

Dm

74-5

. 39.9 AEG-Telef..^.

45.5

EH

420 1 Allianz Vers.

114.1 BASF

464

129

140.2

22CL0

302.0

107.9 BAYER.

136 |Bayern-Hypo..._
. 261.5. Bayem»VereEn....

115.3

197

280.5

178.5 BHF-Bank

143^ BMW

201 Brown Boverl..-.

122.5 Com merzban k ...

40.5{ContS Gummi

253.5iDaimler-Benz.....

227.5!Degu6ea ....

127.0iDemeg

lTO^jD'sche Babcock.

129
27.8)
450
150.01
280.5
237

Indices

NEW YORK

—DOW JONES

| Feb. ! Feb. Feb,
I 26 l 25 . 24

I

41ndu«tr* Is ;8U-53

Feb,

23

Feb.

22

BK.W;B13J71812,M

57.32*57-31

H'me BlKU-j S7JI7
Transports | 3M.n ! 55®.B2;MBJT

ifl0S.MllB5.B5l

I

UUlItJe. ,107.251105^5,

I

WO-^ 01 [ « r 8«|a<.16a'M^»‘6D, IN

G7.1D
f354.11

si i am

f

66.64

368.24]

lOS.Bof

- I »

■Oa^i high 8SU#. low 817.85.

60,510)

Feb.

19

824J5Q

6fi.11

345.15

10441

51,540

1981-82 {sine, Cmptrt'n

HlOh

Low | High | Low

I

102445 l 8114S 11051.70 ‘ 4142
(27/4) '(22/2/82) (11/1/ 73) (2/7/52)

olm ! “ j “

354.11 447,58 1 1245

(25/2/82) (18/4/01) (8/7/22)
10148 165,52 104

(23/8) (ZO/4/68) (28/4/42)

86.78
(1571/81)
44748

11741

(6(1/81)

(ns. dlv. yMd ft

> Fob. 19

6.7*

Fob. 19 Feb. 5 Year ago (approx

6.66

640

5.87

STANDARD AND POORS

. | ■

! Fib. j Fab. | Fob

j 96 | as ;

1»4I‘ l»J4i 12848] 125.81, 125.8K

1981-82 {Since CmpfTm

High

Low

High

Low |

157Jtt

LS2 j

mi. .tut ft

( 6 /i/ 8 i)k^/ 2 f 82 mm

cammawa 1 ns n man niJ&i m* « txt nwi i«ua

ccmpositvi n®-”. * I ffirimnaifs/ttasmsd nisss

iododlv, yield X

Feb« £4 I Feb, 17 ] Feb. 10

<6rij8iyai»2/^

Year age (approx)

5.88 ! 6.7»

5.74

4.46

In* P/E Ratio

7.73

9.11

A flngQov. Bond y»,M
NY. 8. E./UJL COMMON

13.21

13.93

1442

12.75

Rian, and Fail,

Feb. 26 Feb. 25 F«b. 24

1981 -82

Ml Frt. Fab. Fob. —

•9 25 24 23 H<0b

LOW

loutt TMNd... 1(864
Mioi. — 856

Falls

Unchanged— —I

Montreal

1477 1,860
^43 '1019
551 > 483
353 55S

29 I 20
38 106

Feb.

26

Feb.

25

Feb.

24

Feb.

23

1981-82

High Low

AUSTRALIA.
ah ord. nn/fai)

Metal ft Minis. Cl/1/80)

490.5

555.1

498 Ji
365.7

494.5

558,1

SOU

5683

767.5 (6/4)
75SJ (7/1(01)

49L0 (95/9/62)
355.1 (29,2/62)

AUSTRIA

Credit Aktien ( 2 / 1 / 8 S)

MJB8

Sfi.69

Bt57

5438

6&43 (5/7/8 T)

55J4 (15(10)

BELGIUM

Belgian SE (31/12/63)

88.11

8&35

■ I

88.88; 101.58

'

101-53 (25/2/82)

-

ZSM 06/9)

DENMARK

Copenhagen SE (1/1/75)

126L22

12GJ2

m«| 126.86

j

mS2 {25/8/82^ %M BUI 61)’

FRANCE

CA' General (28|U(B1)
Ind Tendanoa (SI/12/81)

1M.U

U1J0

1MJQ

HU

"

wu

119J

w

11U

TfU HT/S)
124 J) (18A82)

njtoifi)

97 J (4/1/82)

GERMANY

FAZ-Aktlen (51H2/6B)
GonimBrzbanK(DacTKD

250.08

70U

250.75

7t&J

228^3

8993

226.82

BSU

245.47 (5m

740 (3/7)

2&M (3/2)

BBS. 4 (16/2)

HOLLAND

ANP-CBS General OSTS)
ANP-C8S IndUfit (1878)

8B.4

6M

■

86 ^
6fl.8

1 B53
693

8U

99.1

SO (20(0) 70 (28/S)

78.4 (22(8) j 8L4 (22/12)

1

HCNGKONG

Hang Seng Bank(51/7/84

1271-80

12G5JD

UST.fljiasiS

1010^0(17(7}

1T1SJ7 (5/10)

ITALY

Banca Comm (tal^lSt)

204.02

201.05

r i

206J!fij 201.03! 232.09 (S/S) ( 768.44 (24/7)

Dow Average (16/5/48)
ToKyo New SE (4/1/0)

76484 175M.45;'7664.02:771 445; 8019.14 (17(8) j 685842 (15(5)

559.92] 58244] 588.90] 57148; 68542 (17/8) I 4ffiJ9 (5, '1/81)

n.T fs 10 290.75' 4W4« (^»>

vu wm 1 iw* 8U9 “ ll,f ”

fftddetnali
Com Dined

MJ* PfW j Ogrt/jg}

J 1S4U

. " -*■

: fH4w

v ■ ■ ■ -

% ■ ' ' , ■* - * ••

tiWM—

, St* 1 !,.

NEW YORK ACTIVE STOCKS

CfitniP

SloCfia

!:IQI(I pi-iO

UiVD* '*■
7«W.SK ^

, '4 (JU .! ' ■

on

day

*•

-r.

t««on _ - -

AiChor-0® ,,: * ,a

IBM ■■■■

^upara r »■*

t.e.ci jcnnCr

Chans,

Stock. Closing on
n.d.d pneo
477.700 2BL
458.000 16

461.900 61 1

4=3.800 27‘»

S7J.930 =8*.

day
+ S
- 4

-r \

m

■

“»

NORWAY

OSlO SE 0/1.72}

1IEJ0

117.65

117J4 119.S8; 146J2 (KQ 11034 {!«)

SINGAPORE

Stasits Times (7986)

740.75

747.66

1

1 I .

74EJK 74436] 07536 (2C/6) j 723. 97(75/2/52)

SOUTH AFRICA

Gold (1858)

Industrial (1SGB)

45 L2
67 QJ

OM

B7SJ

i

4814 476.1 797.6 (7/lffll 475.6 W)

687J . 684J 71L7 (6/1/82) 9SI2

i * „ t

SPAIN

Madrid SE (50/12(01)

105.21

105.09

i

10431! W4 JO; UJ7.45 (S/2,'82) j SB. 77 (5/1/82)

SWEDEN

Jacobson ftP, (1/1/5 6)

EOBJH

900.85

60734j 6053B’ 66031 (Mfl) Wl7 (29/1/81)

SWITZERLAND

Swiss Bank Cpn. (3 1/12/58;

2S1.fi

51J

2493 j 2443 \ 5M3 (2rf) ) 2423 (17/11)

WORLD

Capital inti. (1/1/78)

WW_ "

155.4

, , 1

| * ! *

1263 j 1253 ! 1623 (8/1/01) ; B33 (283)

( M ) SaL Feb 20 s Japan Dow. {C). T5E (C}.

Base values of all indices are WO except Australis All Ordinary and Metals—
500: NYSE AU Common— SO; Standard «d Pooor-W ! «d Tomm— IJXKte the
lest named based on 1975. t Excluding bonds, i 400 Industrials. $ 400
industrial* plus 40 Utilities. ’ 40 PmencisKs and 20 Transports, c aosed.
u Unavailable.

AUSTRIA

1981/82
High "j Lew

238

238

276

110

251.

267

Feb. 26

201 fCredit'stalt Pfd-
178 ;LaenderbankPfd

243 JPori moose r

95 Isemperlt

169 Isteyr Daimler—.
200 IUeitscher Mag —

Price

OF

219

190

260

97

169

200

BELGIUM/LUXEMBOURG

1981/82
High I Low

l p 550

5,000

2.100

1.845

206

2.060

4 P 740

2,950

2,630

l v 650

1.900

3.520

1.600

5.130

6,350

5^00

6,700

2,705

%575

5,625

2,480

2^60

2.010

844

1,890

840
(3,700
990
816
115
1,158
2,335
i2p350
2,300
900
1,182
2,050
914
5.315
!4)005

3,660
3,600
1^45
860
2,010
11,440
|1,060
! 950
I 484
980

Feb. 26

, M, a M , 1 a

ARBED .

Banklnt A Lux...
Bekaert B- — ....
Ciment CBR.^...
Cockerill

Price

FIs.

^edtrobel'.—.!!--

IFabriqu* Nd —

■G.B. Inno —

|GBL (Brux U-.
jGevaert — ...

{Hoboken

^Intercom

iKredietbank.,,,,.,
[Pan Hldgs—.

Petrofina j

Royal e Beige
Soc. GerLBanq_[
Soo. Gen. Beige-;

rSofina-

tSolvay-

Traction Eieot.^,
|UCB. ltiai v a .. ai „!

■Union Miniere..J
■Vieillo Mont— .. m!

1,550

3.950
2,000
L705

196

l t 930

4.600

2.760
2^00
1,630

1.760
5^10
1,490

4.950

6.600

4,600

5350

2,655

1,550

3,460

2270

2.820

1^30

830

1,890

DENMARK

1981/82
High r Low

Feb. 26

Price

%

133.0

415

142

420

142

175,4

546

452

287*5
180.0
1^45
105,0
145
137
SI 2J
696.6
175

;115J2

312.6
■11 BJO

528.6
;il3.4
110.2
406
.240.0

^185
■164.4
1 137.4
'680 JO
. 87
J 102 A
119
229^
,391
.128

|Andelsbanken..^il25
jBaltioa Stand — 408
'CopHandetsbank: 142

ID. Sukkerfab ^69.4

'Danske Bank ;142

■East Asiatic ...... :133

■Forenedc Brygg.626
.Forenede Damp^449

iGNT Hidg...I—.l l 262
'Jyske Bank-.—.il91 "

word Kabel il48.fi

’Novo ind .'1,520

IPapIrfabrikker.... 94,4
:Privathanken — 145
Provinsbankcn.^'130

Smidth fFM...: 262

'S. Berendsen 505.4

5uperios .......... 120

164.5
220

64

76.01
356
78.5
234^
166

328.5
33731

Deutsche Bank... 1

DU Schult.

Dresdner Bank

GHH

54.8,Hapeg Lloyd......

110 [Hoechst

17.0,Hoe8oh. M + ^

268.5;Holzmann (P)-..

104 Horton

160.&Kali und Salz. MM
177^jKarstaA...-

230»2[fCaufhof

163 ]KHD

41.6'Kloeokner.

202.7
212.6

223.5

139.4
47^

296.8
250
139
209

268.7

177.2

144.6

197.5
66.9

116^

24.6

434

110

164.5

190

45

297.0

51

163.5

Krupp

Unde.

Lufthansa

MAN

122AlMannesmann—
220.0' Mercedes HKg
251 IMetallgeaell

140

187

63

58

316.5
69.8

179

143.6

256.6
269.8

HOLLAND

1981/82
High l Low

Feb. 26

98^
79^3
29.4|
308
963
60.1
222

88.7
62
41

163

148.5
77.0

73

60.3
20.4)

13.4
23 A

142
30.41
126^
49^j
202
167
128

36.7

493

24.7
53.61

258
123.8j
265^
143,3

106.5
144

260 J£)
160.51
181
51

79.5
33

220

106.0
64

iAMEV
[AMRO
Bredero Cert —
Bos Kalis
Buhrmann-Tet^.
Caland HIdgs —
Elsevier- NDD nv.

Ennla -

EuroCom Tst

49.8|GTsL Brocades.
41.6'Helrteken . .—

15.3

6A

12j9

56

15.1

106.6

Hoogovens

Hunter Douglas .

Int-Muller-

KLM .......m,— ■—«■■■

Naardo^n

Nat Ned Cert— .
32.5|Ned Crad Sank-
112^lNed Mid Bank
92 Nedlloyd
60.5;Oce Grinten ....
26.8;Ommeran (Van).

35

15

29

Pafchoed w
Phillips.

Rijn-Scheide

207.5, RobAOO -

109.9 .RodamcO.. — — —
202.5jRollnoo..— .
117J3-,Rorento..-.. ...

71^

71.1
192
123.81
113

18.1
44.5
19J
57

Royal Dutch—
Slavenburg*s.- M .

okyo Pac Hg

Unilever

IVIklng Res,—.,.-.

VMF stork

VNU...- -

Volkcr-Steviru—

West Utr Bank-.:

76.5
84
29
274
8L5
46

194

69.3
39.2

34.5
134
107

71

72.8

53.1

15.6
7.1

22.1
97A

28.7
106.9

32.7

113
118
86A
27

41.8
24
29

B17.fi

122.1

1205

!l«A

76

77.8
211

159.3

114
40
51.5

29.4

85.5

NORWAY

1981

High

L/82

LOW

Feb. 26

Price

Kronor

173

Bergen* Bank....

116.5

140

77

Borregaa rd

125

151

111

146

84

47.8

Elkem

49

510

/Cosmos -

385

537.5

352.B

352.5

273

135

215

ITALY

198

High

1/82

LOW

Feb. S6

Price

Ure

Amsiaur Gen

157,000

36.400

205

10,640

17,770

2,610

104

S;1?S

«5i

1 r V-J f 1 |X" J

Tsxmmmmm

5,590

8.600

1,766

44

FfiuldAr ,

6 t 05D

61,900

330

2,840,

28,000

no

Invott _ _

3,000

38,550

1203

288*52

5,150

5,650

135

2^70

2,235

Montedison

Oihrottl

136

2,975

2,700

Pirelli Co* M .. MM .

2,740

1.140

39,700

34,445

1,160

715

11,150

8,150

Pirelli Spa-— — —
Snla Viscosa..-.^.
Toro Asslo.^.......

do. Prof.

1.412

728

17,800

14,540

AUSTRALIA

1981/82

High

4.60

1.60
2.00
2.50
0.26
2.40
2.52
5.90
2.40
3.55
2.27
4.15
4.00
2.05
3.25
8.08

Low

Feb. 26

Price

lAust 3

3.55
0.90
1A5
1.50
0.07
1.47
1M
2.45
1.84
2.60
1.28

1.55
L35
1.05
1^5
2.95

ANZ Group — —

lAcrow Anat

Ampol Pet—
Assoc. Pulp Pap.

lAudlmco....-

Aust. Cons. Ind—
lAusL Guarant —
Autt. Nat. lnds,. M

Aust. Paper—

Bank NSW —

Blue Metal—.—

Bond HIdgs —

Boral —

Bt' villa Copper. M
Brambles Inds—
Bridge OU

4.00
1.60
1.35
1.60
0.10
1.48
1.05
2.45
130
2.65
1.30
1.80
2.65
1.23
1^5

3.00

16.75

0.40

7.00

7.50
3.02

3.85
0.73
0.52

1.86
2.73

3.00

4.70

8.00
1.40

4.75
0.80
1.85
9j8D
1.90

2.50

2.30
2.00

1.75
10.51

1.20

6jD6

3.30
0.55

0.56

2^5

3.62

4.00

1.75

4:15

2.78

1.70
11.90

0.41

2.65

0.58

2.95

6J36

1^95

0.80

O.BO

2.70
2.93
4.10
0.88
1.14
590
3.35

2.30

4.30

8.10

0.08

2^6

395

190

2.75

0.35

093

195

290

1.45

1.60

3.90

0.90

2.85

0.24

1.40

490

1.12

1.06

0.90

0.3B

1.40

0.09

091

2.70
1.40
0.15

0.12

190

2.50
190
198
295

1.45
0.60
1.80
0.12
190
096

1.70
4.15
0.80
0.30

092
1.92
1.95
1.65
0.16
0.66

3.46
0.84

1.50
290

BHP.

Brunswick Oil—

CRA — — — ■

CSR— ...............

Carlton ft Utd. —
CastiemaineTVs-
CKuff Oil (A ust)—

Do. Opts —

Cockburn CemL
Coles IG9.)—

(ComaJco.

Costain

[Crusader OH—
IDunlop...— — .
Eldar smith GMJ
Endeavour Res-.
Gen Prop Trust,.

Hartogen Energy

Hooker.—.—
101 Aust— —'—I

Jennings. — .

Jlmb'lana(50cFP|
Jones CD)

Kla Ora Gold — -
Lennard OIL.— —

MIM.. ; —

Meekatharra Ms)
Meridian Oil —

Monarch Pet..,.
MyerEmp— . .—

Nat Bank... — —

News —

Nicholas lnrt

North Bkn Hill—
Oakbridg e— .—«>■■

Otter Exp!

Pancon — .

Pan Pacific

.PloneerConc. —
[Queen Marg’tG-
Reckitt ft Coin—

Santo* —

Sleigh —

Southland M'n'g
Sparges Expi —
Thos Natvride—

rTooth 1—

UMAL Cons -

Valiant Oonedt.

[Waltons Bond

Western Mining
Wood *r da patrol

[Wool worths-

[Wormakl Inti—

894

aos

2.70

390

2.50

395

0.69

0.38

198

2.03

1.45

1.60

390

091
490

094
1.57
4.00
197
Mfl
1.05
0.38

1.42
0.09

095
2.70
2.30
0.16

0.13

1.35

2.50

1.92

192

295

1.43
0.70
1.82
0.12
1.34
0.08
1.75

4.65
0.60
0.32

092
195
2.16

1.65
0.16
0.66
398
095
1.65
295

700
224
181
386
311
2609
82
210
1459
9869!
16091

6109iMueuch Ruck....

1259 Preussag^.

1609 Rhein West Elect]

258 Rosenthal

2199 Sch Bring

192.8 Siemens

57.7 Thyssen

1619 Varta.

1209 veba ^ .

*258 vere ih-Wert-I— ;
Z 199rVoltawegen {

688.5

208

163.9

262

287

215.7
81.7

180

127.8
281
147.7

FRANCE

1981/82
High I Low

Feb. 28

3,9261 l,8$5lEmpnmt4JK 187B

10.950! '

|^9

212.5!

151

Price

Frs.

.Air Uquide. M

939 Acqultalne

83.8|Au Prhntemps —

1,742

6,050

5,700 Empnint 7 % 187SJl,

g.fiBOIGN E 5% .12,735

370 !Air Liquide.^ i 492

152
151

588 I
220
1,210
1,494
1.69&T
578
633
496,5
403- .

366 JBIG ■ ■■ — •■•■■■ M.

8S.6 Banq 1 Rotfuehild

633 JO; Bouygu es

850 BSN Gemhi

l.SOB Carre four

sefi.OtHub Mediter...

340 CFAO

252 CGE..

165 iCSF (rhomeon)_

482

197.4

836

1,430

1,500

561

609

493

858

310
420
164.0
256.5
93
243.2
52J
1365
516

127 (Cie B&ncaire

236 cie Gen Eeux^_

102,1 Cofimeg

109.1CCF.

31.4iCreuaot Loire...

90^!CFP

■ 27.4JDNEL

760 pumez.

401 Gan. Occidental

218

33B

119

254.5
83

133.6
46.5

1.283

414

120
304
899
1.700
60.3
2,400
867
684
84.0

65 'I metal

246 [Lafarge^,

590^!L'0real

1.165 Leg rand^.

25.4 Machine*

■ 632 Mflt re mjin. 1.1

606 Michdin EL_

577.8|Mo&i-HenneMy_

49.5 Moulinex

S1A
276.1
890
1,662
36.3
1,216
745
6 84
63

306.4;

126.7

340

190

194

219

294.9

973

166 'Paribas-

62.8 Peohiney

238 Pernod Rlcard ...

126 Perrier

112 iPeugeot SA
128

173.6
440

Poclain

Radloteoh

Redoute

303.8
134.3

340

176

183

301

294.9
687

125.9
333
176.4
640.0

427.9

us;

300

459 a ,Rhone-Foulenc J
161.1 Rousael-Udaf- MI

909 St- Gobain

585 ,SkJa Rosslgnol

818 (Suez

844 fTolemech Elect.
148 fThomson Brandt!
149.5, Valeo... 1

121.4
&91JB
174.9
839
148313
1.040
307.1
230.5

SINGAPORE

1981/88
High Low

9.80

5.40

9.85

7.60

5.5b

4j80

9.90

7.75

16J5

5.05

15.70

6.14

2^0

ZJ&B

5.90

4*64

2.75

1.63

4.60

4J30

8.40

2.41
6.40
8.77

Feb. 86

Bousteed Bhd—
jCold Storage...

Fraser ft Neave

Haw Par M

Inchcepe Bhd.
iMalay Banking
Malay Brew—..
ODBC—. ,■

{Si me Darby—
StrarghtsTrdg
UOB—

Price

9

2J26

4.00

7.70

5.65

2.98

1.84

5.90

4.64

1U2

2.41

8.75

4^0

SWEDEN

1981/82
High | Low

248

216

200

370

134
323
287

136
236

197 1

205
110

206

169
280
690
290
165
354!

137

135

170

188

132

71

£30

76.6

104

125

76,5

104

125

Feb. 86

78

38

|A6A*«MlflMBIil«MIH

Alfa-Laval-

jASEA (Free)- —

[Astrs ■■■■MiMitiMtit

Atlas Copco-

Boilden

Cellulosa

Electrolux &....».

Ericsson-

Esselte (Free) -..
Fagersta

Portia (Free)

Pries

Kronor

104]Mooch Dom — ...

76i

l8b[Sandvlk (Free)

215

I3itekan Enskllda

84.6

207

64

98

Saab-Skanla ....

Stand

SKF B
St Kopparberg-
Sven HandelsbiL
Swedish Match-

65|Vofvo (FreeL.

211

203

184

366

123

827

235

89

202

142

£05

109

154

137

825

533

227

146

328

112

120

148

HONG KONG

1981/89
High l Low

38.75

335

11.7
176

8.75

10.80

14.8
20.1
31.26
26.5
37.701

7.30
7.60
21.60
20.3
9.10
8.0
3.40

16.6
1.75
7.90
99.5,
4 JO
4-SOi
7.6
12.2
16.8
13
lfiJS

Feb. 26

Price

H.K.6

Cheung Kori9~—
[Cosmo* Prop™—
Cross Harbour™.
Hang Seng Bank.

HK Electric

HK Kowloon Wh.
HfC Land...— ......

HK Shanghai BK.
HK Telephone.—
Hutchison Wpa..
iJardlne Math—
4.05jNew World Dev..
4.16j0‘sea* Trust Bk»

6.60 8KH Props.

9.3 Swire Pac A

4jaB|Whsei'lc Mard A.
4.10lwheaTk Maritl'e
£,Q0j World Int. HIdgs

17
1.85
11
181
SJSB
4.95
7.8 "
14.7
88.4
15J8
17.1
4J0
5J
6.60
9.75
5J0
5.00
2.65

JAPAN

1981(88
High I Low

1,02a

9ir

713

620j

l,7Ba

46 7|

775)

500!

8901

456

5181

493

1,320

500

2,090

1,5001

7,380

2,940

705

630

745

Feb. 27

Ajinomoto.

540 Am ad a.

376-Asahi Glass.......

431 1 Bridgestone.

7lO.Canon^ v1

310 citizen—.

■ iiiuiimfi

639, Dale! — ...

r 1 1 1 ■■ 1 vv v 1 p ri p> ■

599;dKBO
537iDia Nippon Ptg
255' Dai wa House.*..
5 50 Dai wa Seiko —

365

801

398

870

680

Ebara

Elsai

Fuji Bank..—

Fuji Film

Fujisawa -

4 P 9 10 Fujitsu Fanuci
1^70 Green Crou,..
46iiHasegawa
527|Heiwa RL

Price

Yen

B70
643
599
437
871
310
639
471
732
385
382

435
930
500
1,510
1,3&0
..{6,410
.1,870
590
535

915]

670

1,280

1.180

1,120

4291

956

1,380

740

2,510

753

390

620

900

458

555

549

755

845

361

445

4,900

564

658

310

501

511

819

760

310

391

873

510

Hitachi .... —
Hitachi KokJ— .

Honda.

House Food h...
Hoy a

Itoh (C>_ —

ito-H cun ............

Ito-Yokado..— ...
U ACCS

6011

270

482

619

327

400

915

332

507

2,280 JAL

503!

JUSCO-.

Kajima

Kao Soap—

Kashiyama

Klkkoman ^

Kirin

Kokuyo

Komatsu

Komatsu Flft_

337

325

3 V 050

356

480

Konishrofku ......

Kubota.

Kumagia ...

Kyoto Ceramic

Uon M

Maeda Cons....

—1

648
514
686
990
760
310
391
873
549
j2,390
601
358
540
815
398
415
964
450
516
609
337
. 580
.[3,450
. 390
642

1,010

399

798J

1,020

1,930

740

595

739

489

4961

329

598

660

502

659

1.950
1,040

510

1.500

i,o6o;

235

320

4.950

1,220

4501

226

760

379

1.770

1,540

4.500
890

1,150

723

279

862

1,010

941

5.780

545

351

730

289

774!

s;«oi

270

1,190

565

701

995

132

643

241

526

650
495

1,640

4,380

860

1,210

651
378
705

746'

310

600

72B

795

398

550

209

391

186

Iteklte

Marubeni ........

Marudai

Marul him'

Matsushita

507jM'ta Elec Works

l 750
310
606
864
1,140

M'blshl Bank.

M B blslii Corp ......

M'blshl Elec .. . .m

M’blshl R1 East...

^MHI

290 Mitsui Co

497 Mitsui Rl Est

397 Mlteukoshi

408jNGK Insulators.^
870’Nlppon Denso ...

571

375

804

Nippon Gakki
Nippon Meat—..,

Nippon Oil —

680 Nippon Shinpan
l39jNlppon Steel l(lw
201 Nippon Sulsan ...

3,800jNTV

700 Nissan Motor

505

604

278

448

317
621
397
518
992
695
395
1,040
908
157
236
14.460
1 79Q

315|Nisshin Rour—,
142/Nlsshln Steels.

568

279

970

1.000

1,480

600

Nomura

NYKn.. . .. .. .. .m ... .

Olympus...........

Orient.

Pioneer—..—.

Renown^

595jRTooh^

5 79 1 Sanyo Elect......

23lrSapporo

582 Sekisul Prefab .
645 Sharp

791 Shiseido

3,020 Sony
360 Stanley

261 Stomo Marine .

555|Taihol Dengyo..
199fTalsei Corp...^..
588 Taisho Pharm~.
618 Takeda —

3 P 060|TT)K

220(TeIjln

565Talkoku Oil..

346

150

500

291
970

1,360
1,540
740
610
457
257
685
781
838
3,150
365

292
570
274
588
900

3,610

220

791

366JTBS—

452 /Tokyo Marine...
800 Tokyo Elect.Pwr

103jTokyo Gas^

440iTokyo Sanyo,

147 Tokyu Corp^—..

214|Toshiba M —

408TTOTO

390Toyo Seikan ......

724fToyota Motor—

Victor^

Waco&l —

Yamaha.

Yamazkia

Yasuda Fire..

Yokogawa Bdge

2,400

671

690

510

237

407

475

466.

965

114

480.

213-

408
452
960
2.490
735
722
552
242
532

SOUTH AFRICA

1981/82
High | Low

4.55

10

18.45
133J0
3.85
11.2
57^5
8
3.05,
10.901
57.25
65^X3
110
5.65
9.75
43.75
6.751
£4

3.7

12.1

6.8
7.00

3.05
5.15
22

4.05

Feb. 26

2. 80 U be room —

7.40 |AE ft Cl

14.40'Anglo Am-

84.5

1.00

9.10

34^5

Anglo Am. Gold..
Anglo Am. Prop..
Barlow Rand
Buffeis

4^5|CNA Invest

1.0OlCurrle Finance...
8.05 De Beers

Driefontein — >H

FS Geduld-

Gold Reids SJL-
Highveld Stee| M .

Huletts

28.00] Kloof

6^0 iNed bank

24
35.75

54.0

4.00

8.70

15.00 OK Bazaars^.

£.80 Protea Hldgs^...

6.55 ( Rembrandt

3j00;Rennies.......,. MM

4.25 Rust Plat

2.00|sagp HIdgs

3.25 |8A Brews «...

15.00 ( Tiger Oats.

2.60 Unisec

Price

Rand

3.75
8 JB

14.55
85.6

2.6

9.65

36.5-

7.35

243

7.90

25.0

35.75

67.5

5.15

9.0

31.60

6.30

19^5

2.95

10.55
5^0
4.3.

2.75
4.68

20 -
3.50

Financial Rand US$0.76
(Discount of 251%)

BRAZIL

1981/82
High Low

Feb. 26

1.90

12.651

4.89>

8.301

9.90;

9.95

12.50

13.46.

0.76|Aceslta

3.0S;Banoo Brasil....

1.80|Be!go. Min

2.60|Logaa Amer-...
2.12 r Petrobras PP...

2.05Souza Cruz.

4.65iunlp PE

4.50]Vale Rio Doce.

Price

Cruz

1^15

11.70

5.50

8.06

9.70

8.15

1S.5Q

11.15

TEL AYIY

Company

Prices
Feb 28
1982

Clienge
on the
week

SWITZERLAND

1881/82
ftlgh | Low

l.iaq

1,900*

1320

BBS

2HBG

2,620

760|

87,500

6.500

6.500
6,485

3|260|
2,800
272
4,625
590
■ £85

756j
305
7,425
1,825

BOO

970

755

1,880

2,035

Feb. 26

SaOLAIusulsse.

Brown Bovsri

CIba-Gelgy —

do. (Part Carte),

Credit SuE»e

EJetctrowatt

, 450;Flaher (Geoi—

56^50|HOf f-Roch ePfc Cta

m me.it . mm wm, ■ m a

Fries

Fra.

5,625

5,100

Horf-Reohe 1/10.

Interfood.,.

1,140 Jalmoii —

l,020)Landis ft Gyr«.

2,829 Nestle

1,1 lOlOer'Buehrle .. ..

585
1J015
1,275
970
1,930
2^50
, 490

59,250
5^00
B^OO
1,280
1,020
3,125

.w....... 1 ,23 0

206jPiralll f 214

Z,350'Sandaz.t8rj ,..i 4^50

430jSandoz (Ft Cts)... .514
B35(3oh1nd1*nPtCta.V 244

612jSwtssalr. 650

291 8wii3* Bank. 304

5,&50|8wl89 Reinace.... 6,050
0 Q20iSwha Volkabk....| 890

,5*025; 2,765;Union Bulk 1 2^70

2|»f20 2,050-WJntttrthur I 2,240

15.1S0I 6.675l2urich ins J15!l50

Banking, Insurance

and Finance

Bank Leuml le Israel ...
IDS Bankholdmg

Bank Hapcahm Br.

Union Bk. of Israel Br.
United Mizrahi Bank ...
Hassnah Insurance Br.
Leumi Mon* Bank Br. ■ ■a
“Tefahot” Isil. Mt. Bk.
Da not

2.088

1,689

2.774

1.915

1 r 40C

1.350

1.045

2.0S0

271

+ 21
+ 8
+ 19
+ IS
+ 11-
-15ff

- 35
+ 50

- 2?

Land Development

Africa Israel inv. I£10 3.750
Israel Land Devpt. Br. 1 r 210
Property and Building. .. 1,005

Public Utility

Israel Electric Cpn —

Investment Companies
Bank Leumi Invest. ... 990

” Cfol " Israel InvesL 628

Discount Invest 875

Commercial end Industrial

Dead Sea Worka 7,™

Pol get " B -J

Argaman Textile Br. ...

Pi Att “ Textile “ B
Amor. Israeli Ppr, Mills

Elite

Teva Reg.

Fuel end Oil
Dalek

Source: Bank Leumi
Tet Aviv. | Sellar^

■- 10
-170
- 70

- 95
-104

- 55

-125

*725

*570

1.180

1.760

1,875

- 44

- 80
- 70
-340
—323

la

952 -

Israel

BMf

NOTES: — Prices on this page are as
qudied on the individual exchanges
and am last traded prices, Dealings
suspended, xd Ex dividend, xc Ex scrlo
issue, xr Be fights, xa Ex all.

A

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May Jaa

ENGINEERING
MACHINE tools

t-TT?

-■ ■ «

Theft BTR

£Wa

84

18

22Mar 22S

12D 123 on

r<»Apr 290ct|E*ch
Exch.

101 H

w

a

923a

9*4

73

Wa

Ilia 1U
lUa IIJ

31W 305

X'W

Clllf

rr.

tv?.

1516

9.85

13.63
1434
1248
13.68

mo

1155
1354
14.04
1126
13.91
1430
1425
1158
14.42

14.63
1424

4311 1120
13.11 14.72
10.181 13.63
1447
1404
14.08

IL. xr

%

!4Ji 14*J

22Aug. 22F

rsji

15Jd. 15Ja.

15D 15Jun
lOJur IQJa
50 gl 5%

Exch. 12h&. 1900

■. * >

22Jul. 22Ja.| r reasury iapc
21Aug. 23Fb.

R

laja. lAjkil.
13 War. 15S

Exchequer 13bpc "92

Gas3pc’90

848
466
1352
20 06
447
12311350
7.91
14.18
14.05
43i\n.ib
13.90
928
13.61
1426
13.00
14.12
1457
1424
1022
14.66
14.76
14.69
1453

Irikf.-vi

ii 1 1 ^ < **i i

Z2Jid. 2ZkL

rUTT. r

: 4pc95«

1427

6.65

1357

1454

14.75

12.79

1429

14.42

246

6.61

14.44

13.68

1499

1351

11.75

15.00
1264

14.76
1491
1358
1494

13.00
14.78
14.80
14.44

1481
1480
14.74

13.00
1486

15.00
14.95

1482
1357
14.78
1097
1442
14.62
1486
1385
14.82
14.60

322

1053

1450

IfeloXi

65

55

98

16

V

10

42

40

35

35

9714

60

86 i*d

_9l3*

ANZ5A1 ]235

Alexanders 0. El
Algemwie Fl.100

Allied Irish

Ans&adteHHJSp.

6 k. Ireland £ 1 ..

Auq. Feh. ec.Lwnu'Uk'U.

Jari. Juty N.5.W.SA1..

Nov. Ita BanK Scotland SI

Apr. Ocl Bart lavs Q

Jan. Juty Brown Shipley £1

Jan. July Cater Allen El..

Nov. May&artertwiMGp.

May Nov. Clive Dis'rtt 2 Op

Mav Com'Tbk DM 10

March Ch 9 n.Hbk.Krl 00

May Crtd. France FIDO

Jan Apr. Daws <G R.i, .

May DafctftkrtrDEiL

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April

A FINANCIAL TIMES SURVEY

: : 4:

TT77TTT

17 APRIL 1982

The Financial Times is planning to publish a survey on
Personal Financial Planning. The provisional date and
editorial synopsis are set out below.

INTRODUCTION Persistently high real returns have
forced investors to change their habits. Growing attention
paid to short-term instruments and specialised funds, such
as currency', and commodity syndicates. Investor protection
— a look at the Department of TVade s new rules for licensed
dealers and professor Gower's report.

Editorial coverage will also include:

REDUNDANCY

INTERNATIONAL INVESTMENT

BUYING A HOUSE

EXPATRIATES

PLANNING FOR A LIFETIME

■

INDEX-LINKED INVESTMENTS

Copy date: 2nd April 1982

■

For further information and advertising rates please contact:

Guy Mainwaring-Burton

Financial Times. Bracken House, 10 Cannon Street. London EC4P 4BY
Tel :0 1-2 4 8 8000 Ext.3606 *Iblex:885033 FINTfM G

* i

\ The size, contents and publication dates of surveys in the Financial Times

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S3l Pall Uad. London, SWl 5JH 01-9302122

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"4*. Bloonshurr Smre. WC1A 2RA 01-6238893
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JSiSfgffSt-lMte BWR, 01-8478827

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Mutbmt Securities Ltd. UXd
37, Queen St, London. EC4R 1BV. 01-236 5281
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2-6, High St* Pottos Bar, Hens. P. B» 91122

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Cumti Life Assurance Co of G. Britain
26 Hte Sc Pottos Bar, Herts.

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1 Olympic way, Wemtfey HA9 ONB
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Hambro Life Assurance PJ-C.

7 Old Part Lane, London, W1Y 3LI. 01-499 0031

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Scottish Aaticaddo Inv.
150 8t Vmeent St Glasgow
EiteyTresf Accam. .12084

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041-2482323
1170) -09V 560

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GrnZZZI

Scottish Efdtahle Fund Mgrs. Ltd.

28 St AndmisSq. EfMXxgfc 031-5569101

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Hearts of Oak Benefit Society
129, Kbqsway, London. WC286NF 01-4040393

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Hmerson Administration
11 Austin Fnars, Lmhn. EC2. 01-5B83622

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01-236 1425 Pacemftktflnv.Fd

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043856101

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03-4933211
80.71 ‘ J 600

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PbrtooaQf Gdnv. Mwten 061-8342332.

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McAnxBy Fund Mara _

Prow Hut.. King W*lhafli Sl, EC4
Delphi lac Tsl to.

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Ghn Fite Inc. ..

(Q-606B094
873
527
386

:]

01-6239451

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Accm Uma.. . _ 24!1

^European Fond 842

Deal flue*. & FW. *VM

Orth Awkan Fund.

Far Eau Fund Q££0

Property Fund M56

Managed Fite . ... 117 fl

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It LA T«r , Addhcowtse Rtf* Croy OZ6864355

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to

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Ctdeftafti Assurance Funds

Dollar Fund 005

CapnaiFpnd ... ..11042

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LtiL(a)

031-2263271

11 f«ew Street; EC2IS 4TP
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01-2833933

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262

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429

Sun Alliance Hte« Horsham.

040364141

City of
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UOc^ Keynes. MK42L A

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Do.Gtr, Pacific to^. 47.3
Do. Gtr. Pacific Inc. .. 47.3

Do. Growth to 703

Do. Income Trust 1150
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Do Recotey N .J665.

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01.5345544
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502 -02
saS -02
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12L11 -13

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01-2838833

noon

1

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012.7
184.9

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Do. Acorn — ,-.[3708.

Nert « 0 l day March 9 (by 12 1

Kihomdi Prigresiivc Mgnvt. Co.

Stock E«change» Loadop, EC2M H13. 01-6886280
B'gaie Pr. —Feh. 23J2922 Igg |

Nen «h my Uaroh Z M fttoch.M .7*4*6, .

Bridge Fund M a m per * li)(c)

RegO Hse., King WU urn Su, EGA 01-6234951

GLT. Uidt Managers Ud:

) 6 . Furuurv Citcuk EC2M 7QJ
G T Cap Income ... 04
Do. to .. _

GT Ipl Fd Ua. ..* 13937
G r US A Gen
GT Wld Bd
G T Japan 4 Gen
Gc Pm Ex Fd 1346 4

G T ron Fund.- .

GT Fa*En & Gen.194 1
G I Teen &Gvn Fd 066

66 A. Trust U) ( 9 )

5 feyfeipi Hoad, flrewwouf
G A-A _ 1462

Gartmore

2 St Mart Axe. EC3A8BP
Dealing only 01-623 5766^5806
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Australian Trow . . .

British T-it (to.) „

BntishTst tDrtil...

CommwWy Share .

Extra Idtfw Tsi. .

Far East Tran . _ ..

Gilt Trud . . -
High income Tft — -

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01-6004565

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9-12 CtorotTOt, London, EC2V6AL 01-2363841
tody Din * -

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0^08-606101
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to

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3287

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31

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Tel 074279842

*(0277)227300
4931-051 54b

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01-636114

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lib

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128

120^

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7/11 Moorga&ft, EC2 016068401

■telzdw,

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50. Cmnony Lane, WQa 1H£.

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Prop. Md. Feb. 1
Prop. Md.Gt.Fet>. 1
PTO Md.GntLSer ll.,

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Higfalno

High Income FimdL.-
Global

01-2420282

01-5885620
245

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MUI Unit Trust

Ou Deni Sirm, SWlA 9JG
MLAUmti .. .. 11008

Murray Johnstone tf.T,

Ltd.

01-222-8177
10581 I 3 SB

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667 2

112, 7 |: |:

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Sfctnr SpccWtt Fund*
Commodity Slum

Financial Secs.™ ITul 1

Gold & General ........

In*. Trvfit S^K |

Minerals

Prop Shares ....

Urn*. Energy 1 «

Wivid Tech *...[232

Overseas Funds
American Growth — 123
Am. Smaller Cos . Wi
Am.Spec.Sns... — 4QZ

Far Eirt .. - 30.6

Hong Kg. Perf/unoe. M 23.9

fntl. wwth.. -H-9

Jriian Pert. In.... . M .. |80.4
Erocraf Funds

(Aczum Ihte)

Guardian Royal
Rte Eamnge. CC3P fflft
faylGnarteU 7rt.. 11321

Henders on AMmstntin U»
P«MVW» VT ftnmta. 5. FaytoW

BrMwid Emm.

163, Hope St*M„ Gnsgo*. G22VH 041-271 5521

a a ' fn avWi .1

Dm Friday

UaK Trust
Broad d A*r . Btomfafc) St , EC2

MdtBtfSK to -fili
Mte Inc. Td _ 177 B
Mutual Bbe Oy . . J|1 8

: 8 I

.88

Mqrv Ltd.

01-628 BOH
13681 -091 «34

(h) tc)

MuauW High

Nataonal Protest Inv.

46. GraacAarcfi Si. EC3P 3HH

91-99. hr* London Ad. OdMbfd
to 25 1995

(Accm limb). . 12735
newton lm Fro 25 0064

(ton DafiL „ Q13i
tote Gmth firoaES9

NP* Gill u« In •
(Accm Umar .
N^OWTiHw*
UMl"-
•to <m fro

n Fro 25

(Acfiua Units). 87 2

Vanga H v Fro 73 720
vangs Tsi Feb 24 S55

(ton m&) 689

_ Wackmoor Fro S . 860
( Actual UimsV — USD
01-6234200 Wtcfcmoor Dry FTO 26 756
5 JO ' (ton liiiid) „ . , UM5

(c) fy)
(2295-51651
b(B

— Wisp

Fund.

Kfe9

S2.GmhM.EC3 01-6235433

SondFd Exetnot JC7969 8L44MU8I —

I jigh i a Life Assar. Co. Ltd.

Langjbwn rtxe . Holmbrook 0r. f NW4. 01-2035211
Harrosi to. Fite _|1201> 12^j

z3h

97 J

(Unit Assor.) Lid.

— (jngtem“A* Plan

Prop Bond —
(SP) Man

Fd

Capital Acc
Coma & Ind...^ — ..

Domestic.. — JB-J

Growth 928

Prntewonal §J04

SWeht - 55.4

Sits . [41 5

_ linns).. . 546

Cdp. .... JIB

Acc. Units 9 J 6

hie. & Anns. ... 38 7

Wg 6 tacotnv Fute
Inc & Growth. Wi J

(AcDfSi Units) 176?

High lrtM* »7 4

Extra Int. .... .
ScndUriCos Dm
Prof GGltt..

Gdt Trwl . •

Fixed mute . . .

R

04

Mai to

Am, taffm>C".. M .

Cx.Hioh Ymid

High

ML

1

Glotur TrolimtoBr-

lntnrtHaWoftl-.
WnrtclWidr FrblS

Apixralian

Ex. M<i. Lars.

The British Ufe Office Ltd u>

Reliance Hse^T infer idgeWed^KL 089222271

g t British life.-.-^-.|h?.7 7171 -

LBalMte * 1 [blA

BL fro21tod dtataBDUar 3

Sbfplcy 6 Ca ttt. (aHg) ■

Hse. Havxum Hfe, Sa 0444-58144

Japan Trow-
KcJftc

Sm Cos

Mortti Amev

B.5 UMtsFro 23
B 5 Accum. Feb 23
Fhuncui - .... .

GfrtwrnAcCM

Growth income — *

Hfaghhicome

income

Index .......

North AiaenGB*
flfrttny . .

4 76

Exempt

BhCfcmaffe Mmyemit Co
The Sax* Excnaixrr, EC2P 2J7

___ toi9„. r ...

NcnthAmv Feb 19 .

«C

Natiqnafl B te mtef

161 -Cnerowde, EC 2 VPEU
21^^ tamra^Aceinn.) 11117

bhiK

Growth In . .

Cal

014066060
35 IS

Japanese L to Gth|466
SoSiA*

Am-GmUI W
PnrtfiQhuimp Fg

Tfo^i

hdSUr

NMUftv GUT & F I
Retsiar High Inc,
Nelto intenaiteal

LtdLUKbKc)

SSi. i/mi .--Eii ‘Sh 3 :

inctn«i .. T1D02

j AtJu ra Units) _[

Unas)

tow (to).. ...
id cm

ns

TO

Urats)

hbnfr Grth.^

(ton Urats)

Fa- E** er»

ttom Units).
Gill liani>

Managers Ltd.

bite Q30b 887766

174 7 . T&to-OBI 492

12 09 -OU 951

81 rtUd-lg 871
60 5841 -OS 472

NortttefeUort Trust Minfin Ltd. fcMy)
20. Hooroare, €C2H**Q 0)h»06«477

fl» m -I ss

k Geo Bp W

PO fim 4 Nammav NRI 3HG * 060322200

GmpTrt fuaxi .. K*966 S2274V -231 5.19

Pearl Trust Muiaym j Ltd. (a)fg|)(2)‘

252, Hagnwora, WCiv 7EB 01 - 4 Q 5 B 441

(ton Uofe) ,.i
Natural RHmwcet ..

Ai;aiip Un6 .

Scot tax.

lan teU Cap Gwtb
Aeons Units)

Id* 9ttlt Ex
Accm Urats)

Jta toll Fm Pn\>
Accn UwtS)

Jh tod Hi lie My
Ldo toll trot
Ufa ton Sore $A

Trtea &

Fwxr

GdffuMtt
32. Comhfit, EX3.

.19 —

19

l 2 -

_ _ 19
_ to
G.&S.Spec.

Credit & Conttdmc li
12ft Regent Sl. London W1R5FE.

CCI Deposit F«L.- — nr

CC1 Eoutiy Fod.

CCI Fixefl InL Fnd. _

CCI tabte- FmL_'_— _ 165 J) 171

CCI cap Fd.— .95.0

ca I ml. Fq 95.0

CCI Hte Income Fd. 958
CCI Properly Fd 1950

Crescent life Assmnct Co. Ltd.

14 New Bridge Steel. EC4V 6 AU 01-3538931

gg™. «* — « l essra-iss

ffi

GasMiHtOl
I Do. Accum.1

Eotatty Iwtm

Do

Fitted imial —
Do. ton
Irti. intalal

02-439 7081

UQ. MCUH. ..... .

Managed ItESi

Do. Acore^ra

MatteedFuao .. . __
Managed InL.

3 SHEW---

... ^

IrtvraaUxa). . ~~

Crown Life

Crown Lite me . Wokmg8U22 IXW
Osi Fo men
MangUPa Acc . .

Slang'd Fd Itm ..

Mated Fp i non . .

Property Fo Aa —

P roperty Fff Ind
Property PA I non ..

Fixed in* Fa Acc
F»«e dim Fo facm
Ei&^iy Fd Aa
Eanty Fd M
EftuoyFd laem ._

In* ft ft Act.

Inn Tsx Rf Inti

te Tc Fd ten .h..

Money Fa Aa

Property inUd
Do. Occam
Exempt Casta lm.

Do. ton

§f 2 £S ,y - ITT! 2

Exempt Fute Idt- D87 6

Do Accum - P1A8

Exempi W Intel

Do AcDim

Exempt Mite

Do Acorni #253

Exempt Prop
Dd tow ..

Sp Depout twit
Oh Accum

loiL.

2

1028

Prop- Fd.

St„ EC4N 4TP

15.0

01-2489678

•52| —

■I —

Medway 812348
UL** | -

1040

Money Fd Incm
inter Fd Acc

tort GrtMVhFa ^...
AccwaUte w.. _.

Peart InL

Pearl Unit Tn

(Accum Umtsl 1704

IM Trusts (b) (c) (y)

PO 8 o> 31, tom Hid, Aixioyer. Kami. 5P10 IPG.
0264 62188 Otero jo 0264

4Gl

Ltd.

Si HHm. London €C3P3£P 02-5510094

BrowWiifKftGr ta 1503 5301 4 420

Hft> Samel Unit TsL M0f*.t (a)
468eechSL.EC2P2LX
BrimhTrau

. - 11344

Perpetual Odt Trust

4ft Hart Sl*

Grow in

4.71

Thames

14461-121
(A)

049126668

02-62880)1

i?.

Budito fd Frt>^>

01-58826*8
419

ercjwxwi

(Accum 0& )Fe*26l4M3
Canada Life Unit Trust
2-6 HiqftSi. toe* B*

Gen DBl .^f4f 8

Thai .
la* Thai

Duron Trus

Fat Eau .

Financial TruSf
ffifcih i Fro im Tu |22
cm Gih F I GrowTft (253

tnc*meOrtL M ~...

Do.fn^AcMi

Gih A rid im Trap

Ltd.

p ftp 51 122

722 -06 JW
?B2 -03 gn
670 -05 art
3b 3d -Oil 12«

f.'w Frt 15 Kino
NK Unit Trust

HnwKMHJr

Pr ac tical lnit_ Co.

44. Btoomtery So, WC1A 2RA
Practteto2« .. gftg ^|J

Ufe lav. CO- Ltd.

Ulster Saak ta>
mrite Steel. Bertas
(DHHiler Gffmtn 4424

4551-051 535 pZl

h3i fame mcJZ.

PECoroneiFd

Ca* SeOag Inv. Fd....
Bnram Godly Fd. ^

Strategic ln« Fa. ^

Beaufort Maw Fd.

Si Georor Uaagd fd
Lucs & Geo.FdT..^.

SagrR* —

HmW Fd —

Crown Bnt Inv. A^.
Pro Mixed Fd
Pro Itaagla Ace. ...
Pro Mang'd iMl-
Pm EowtyAcc. —

22ft Btthofligau.. EC2
Prohhc Ffti Eftki . . M7 2
ProhficGrttCap 1

01-W6533

Unit Trust Acooonit & M gnt L Ltd.
ton Kvr Kite Wite Si. EC4H4R 01-6234951
FmtfwFim . [58 9 627| i 477

fitt

Acc.
ion .

b

2123

Ufe Aw. Ca. of
ft New fta i asm, Kem
LAGOPuro nD 85
Lloyds Ufe Assurance
20. 0*0*1 Si. EC2A 4HX 01-920 020?
MuitiGwiii Fed
Op 8 Prop Feb
Op BEiateto
Op SKFeb 2L
gq 8 Man Fed 25

Op B On Fed 25 w46

Op BJnBFeo 25.. . Iflfti
Op 8 la. to to 25

I ft. !?■,**

tl&SFi Fa Ftt
O&Zi

4150

Prm S? F*fel?

Jat%sr"

Jte FnrfCft to.

Bm Mug Ac Feb
to MteCp to
Pm Dp AtFrt.

Op Cp to V.

Am3ter Co\ F tbTAM

Extras to 24_^
Ffa East Feb24
F» Sea Feb 24 ..
Gam & Geer Feb 24
Growrih to 24

2431

1884

1 z

98_g -zg
iw «iu

w -53

Proidic Hi^b Inc

3 F^teiN^ . OM Jewry. £C2R8 hO

Prolific Irol
Prohfic Htth
Prolific Spec Sav
toJtfR Ttemotogy

PrudL Poftfodo Mngrs. Lid.

HMOOI 11 Buv IC1N 2fiH

-mi

-.M.?

SOW -02 -

M72

HT

u « =

3^:81
•02

01-3886010

203

Capri Mum) M*«t-
300. 0WB(«mS 1, EU» IM
Coenai - —

SJ.-8.1 !«

I

7 99
I 271

Fumftt

^01*38 «3*

I

CliiriKe Cbaritto W*

J5_ Mootoar. Londra. £C 2
faenme Jaa 29 — j
0 Araatt. Jan29 - .} ^

CharfSrt Offkiti Imftt. FBnd **^ Hl .. s 5**S B 3»J! ! ES
77 Loosin' W«. CC 2 N U» . , 0M “

HK A4NWK4H frt .1 09.6

HK Em*» Hem T« ?77
HfctotoBGw Trt 37A
HK Growth Tft . 434

HK hxtee Tn 39 6
HK Martrt Lraden 516
NKtoaeTg 57b
hkw^Co^tm «5
HK Teduxwagy T « U3 «

Imntncnt Bank of Irefiftd la)

sans’fjsr 4 ' ww "wwssbw

WI “s^t; Sili *2X1 5B

Sflvosxmeiit IvrMttyauco Ltd. fa)

1 )ParM)St a CC2A2A8. 01-6286626

a* Mho ft« jsj ?«

M:H H 8

dx, L Growth
>«dHi too

t 13 AH ^ ®

J JJw K*T Fond Mwwn U

4 rP^nauf.WtCVPt)

T .#1

I

Key Exetapl Fd
Krx InoW Fuftd

Arete 1 i**-« ■ - mfSiaint Fd

(A) CK» (O
01-9059222

SS 8 fer-flBI

OaMcr Ma n ag wiut Co. Ltd.

31-45 bniw Si»m ED 01-600*177

OMMKM&Mf Ffl MM* mS 34*
taom 2*4 IK d BOB

hri f«j iwi lffn . in
RKMf) K3i 12811 309

Unit Mgn. Ud.

089? 22271

rSlJT’

Rkdycfldtf Muny anfnt Ltd
I Fununry Sa . EC2 a IPO 01-8886906

ass.fi- ur i& 2 o isss^a^

BattncWU Anri Mmawemcst lal (|) Izl

73-ea t*p»wiwr ha . urtnoun 0B4b«tal

E£ Sn%rv7«. .. 1 117

INSURANCE
PROPERTY BONDS

Abbey

1-3 Si

Property Fund .. . (2242
Eo«Bv Fund . 494

SSX^: ~~- 8V

SeiecrnTtod 1434

Moorn Fund —0625

CpftTO intf e

Prop FoSr. 4

Fuad

Se* 4
4

IN II

Srg

Money Se« 4
Coo* V» 4

total fij Srr 4
Afl«r*>C4P Se* 4
Hignidic art 4 ._

town* tarty
PhTOqh S el l dn t
PMbiqtMmgrd

Eteyfc T-Sf. ,.

NC InCdme Fd .. ,. n
N C (ml Fa me) .
NC hxjfofAcc)

Prtce

PmiOflFinraui

Plm Fed
Peas Fxp
Pern _

Pm Money tint

Crusader Hroiirmce PLC
Tow tfse. 38 Trmy.SCL EC3N40J

IxsurJWdftad Aunt.

L Tta fte t d r Sl. EC2 01-588 1232

EtefWm untk^.... 1730 75.71 -0l5i 68

& L mm Lite Ass.

j =

i,8i

_ & Growth Feb 2ft 103-8
far Growth Feb 24 942

flKWL^ S!

Hat Hi inc »=ro24 JB4

MSdx is

IfSTci Tm F*toW m?2

Uffi to24 . .. b 8 D

World Tech Firt 24 1919
Alla GrwU) feo c4
Gill Dee Feb 24

UK M .

Higher fat Fd

Property Ffl .

Freed I4f<rtl Fp . u
Gro Depout Fa _
Nth Amena tod .
F»Eaa tod
tmerodiiote tod .
Mvrotf tod

Ainencon Fet> 23l

Comm o dity B
Ezxir mcomre
to Eastern Feo^H
High Uicomr Feb 23
frame Feb 23 _ ..
imerramtal Feb 23

HU
i ^ 7

London A'dMt & UtlNL ML ASSor.

to 23

UL

_! Ltd.
0494 33377

I no Pen toy
M Peo Pro ii eity

M to Fart m .
hid Pee M U Sa
ind Pea Oxenm .
Ind to Cash
Ind to BteWd
M to Deo Aw
at Fro Tl

Nm etl te i ii Mach

129 Kmgtety, LondDft WC266NF 01-4040393
-AuevBteer* 153) 5661 I —

L ao dew iHdi n dty A M. *» Co. Ltd
IB-20, to Foroary A Reading 56351K

MoorrMamgrr .

M M RerWe

rued Mtarro

UhmIop Ufe Unbed Assur. Lid. .

100L Tcropae 5L, Omni, BS1 bEA 0272-279179

SIH :

u

r„ A lb an y Ufe Asswaoee Co. Ltd.

Prate Fondt-ton Nritfr On Regwu.

to dy

Depout

Mhu-d

Uft

31. Ow Bu rtw yan Sl. VH 1

Ak

i««r» Jwjjj -j

CMritrin Tniri Maiuwn Llfl «*■'«;„ .*> Smdiico-*Fo »«. .

88S

*

Rowan Unit Trust bfegt <a)
Cny to# H&# fl Fmavy Sq , EC2

teteW-,.. -

srr"'

-o S

. Iwilpl ..
BvnAHMfHTti
latrt GrteraTif.,
Atoll

E£S EFS!

notes

Am « pro —*» ., iouy ^

TiriA town -I ?j 2 T.T

PE»«« H #>!-#♦ «■.*«« iTwiir
igid't mn r n *- 1 fB ^ Em

^ lt.tsu'SS

i rumaM
6 bsHte

-S3

4/1

as
ss

-ou

1?4
! »
U*
1 &1

01-6238000

h

J4I

jJTl* ni f [i^rtiww

CM
charitacw

X 1 encitajrch Sl
ft R U-Wfe lac
k ft ITrmFa Ac
K H F<r in Tilv
ft B F-i in Tm.Acl

KB ^ .L>- Fo A«X
KB rf-fll -'** 1 **> ,Bt jJJL
ftQHignvki aik m 4

L a c Unit t«m nwg»«« ___

raisin 8fi« usfs I iS

Lm*' * T *' "SS'ii™.

JS£“-"Ti ®r -

iSli 1 W»|.o

UhM Udl

t «OM..b4U0<» Jgi
Leo i«>

EosBOyfa
Fpitftia
On

^ Mao
inti to he Fd
Prop Fd Are
Mteine Acc

01-4375962 tt. Ibngturi Utf.

ItoFfl Ac
Man To Aon

AtfeucnnFfb-25-
Swwi»a Feb 23 —

High View Fee 26..-.

MeyhnFtb 24 ■■!•#■■■ f
lAcc&iffl U mti).._—

Mn4 im Fefi. 26.-
Higirlni Fd Feb 26.

Royal Tst Can. Fd. Hfn. Ltd.

46-50 Ctexfa&CfLote* ££**61001-23660*4

FnAcc

- toAcc..—
r>tfl Mnn Prn Hit
fart Mn PxFdAcc __

PnwtoAcc

VpitlflvtoyteC,.

EC2M70J

CftflHOlFlM .
tncuftte 4 im .
Prtun on FrO

26

fiUDAP

EC3P 3EP

&

4 barn Sl tem,

K££T&-t#3fr~ , &3Z 735i

AMCV life Assurance lid.
?-ft todWiM he . d'nvacn

>6

Jtoiw fe ^ ...

feWf»-7:-

Property Fn .

Ntogrdto Fd ,

Eq«4y PewunFd
Fjeaw Pra Fa
H teVtetos Fd

01-62361 1ft

i$?a 1 8 «

f?r

5 rteo horraattoflll
Growth

1459

792

287

M^toteiFd RSq

SSB’— r “ fflfi

GT Plan Bond Fund
GTPfaHteYUFnd
GT Plan FS- Ea&i toll
GT PhtNAmTunu
GT PlnUKAG E Fnd|

&TPfaWmM*F«

GT Prate Bod Fnd
Gt toHnjbVIOFd
GT to to fiiu Fn
GT Pro N Am Fa -
GT toUK&G E Fd
GTtoteW«alrFd Jf

0202762122 A&ianM GENERALI SM

Ilf F#«tesbSt.eC3WS9y " ~ 02=488 Om
Bar! llrojro flood 034 7 141 fi »Q_3 —

fieneraJ Pocffolis Ufe Ial.C. IHL
Crtmtafooh CtaetUft ttertk Wfahml 31971
Portf olio Fq Aa . I 18? ?

PortfotioFd fad . [ Shi

toratfniFd Cap
Portfolio Mn Aa

•vnflu wn mq

Flexible toW
Fixed iromu Fd
Gta Oemn Ri ..

CapiaiGmh Fd
Mon ey o rt ertod
ExenaNlmi T«

Ewfei Properly
Etfm FWte
*Addnte n once xher u deceO ragn

M & fi Group

fltaM QvAyi - f<swee-Nrit EC3R680

1729

1761

01-6264588

2855

m sn

Mi»yM |W 0

Srird mcame |624

Ame-tcnAGrt Fff

I raroe Fa

fad Gqrtfeto

• IM -

Qrpmth & Sec. Ufe Ass.

4ft toTOBP Fra a Excnroge. El hfcti
Fletee rmm ... UW3

... _

-

Ltd.

01-377 1016

«.-Ie

Amenan to
AtAtr4Urtft Bond

Dmwdity Bond
Coniien Degma Bond
EflWTy Boaa jAa)
Eror«VieWFd
Fmly 8 oU . . ..

F^fiflrroaond... |H 1

Gfa Bote R3S5

High YieM BM

Bond

M2

kd/eroauml _
MfetodBood ^ .

Lirr • Y^La.lC *®ETi.T TJS: ' •

■

- — vtTCii " -i

>-

~*k K

209

on

ur!

238i

M & G Grtrap— contd.

Managed Bond....«^ W 5
Property Bond ... 236 Z

Rec^fy Fond Borej JUflL3
Ftexlie tow HifiPrire

American ((^x) ]£2

Do. i&xi£Ti) 137.2

Deposit <cip >-» — 1)68
Do 1312

Eflnfty (Cap J — 1313

Do lAccuiu 147.5

Fixed fmemMGapt

Do (Aareal^. J§03

ManmdfCap.s 03 J

Do. ( Acorn! W9.7

ESSiWrr ».

Pacific (Oft) 1653

Do l AccuitlI 1855

Property *CapJ PyJ

Do i Acomi «53^. -

Pmonl Pension 43U

M anufac t u rers Ufe Insurance Co.

+0 -

16831
140.U _

23.

Schroder Ufe Group

EntorpnceHttfift taBireuth.

13314

0705827733

f£tt-

Managed
Moneys

OW taB

^5>SiguSS;

K&SGort-SeB. MHH
IncofttfcIMrfo.
income acdvl.

Camw

- fiSte

“ Eirae -

"-i ”■ SoBto* Co's

KfjSISGZZ ^lo

Sl Geode’s way, SMvmpe.

0438 56101

Ity.™

Gh Edged
Depout —
Uivestnvni

— InMrnpbonal-

1511

1884

1341

^9

-

67.a -03 -

140.9] —55 -

— Managed In*

Do. Accum .....
Property iim.
Pg Accum.
Equity Imt.

Do. Accum
GiU-Eriged fnit^_

Po , Acoim — .

Guaranteed Inn

Do. Accum.

immeuionni lnu .^J
Do. Accm

1099

1114

302.4

vnriw

3091

1106

3062

307.7

3028

1

P

■9

114
1018

liter U. GW
Do. Accum.

Merchant Investors
Levi Hour, Z33 High SL* Croyten

Properfv..

Property Pens.

Eqjny

Equity P^ns

Money Market
MooevMkLPra..,

Deposit Pens.

Managed

ManrortPens...

Inti Equity

_ Pn.CaftM.

—

F.lnt Pen.

F. It*. Pen Acc
Money Pen. Cap~-
Moroy fen ‘
Propi

Prop.Peft.AcsM

Prices

mi — -i

5H =-1

+ 2 B -
+4.a — -i

for. Ufe Series Feb. 21.

Other prices on icqraL
Scottish Amicable Investments.

P.0. Box25t
®iSiSSt

— rntemtfOML

DO. Pens _..

inti. Managed.
Da Pert,..

Ncrch American.
E)o. Pens.——
Far East,

1140

1^6

1003

01-6869171
+ 0 .]

Exempt Eq. lm
Do. Amro
Exempt F«L InL fftL
Do. Accun — ... —
Exempt Lite. into.
Do. Accu m ^.^ —
Exenro- Prop. ind.

Do. Aeon.

tempi Cash Jnti.-

Do, Acoirl —

Eamriti Mro. Itm —
Do

07863141

\

ii6.g -i-g - \

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X ■ _ XL'_

Monday March 1 1982

Liberals

likely

Polish restrictions eased

after bishops’ appeal

to

By> Elinor Goodman

Political Correspondent

THE LIBERALS rather than
the Social Democrats look likely
to carry -the Alliance colours in
the by-election at Beaconsfield,
Buries, caused by the death at
the*, weekend of Sir Ronald Bell,
Co'ciserwative MP.

.'Sir Ronald, one of the most
outspoken right-wingers on the
Tory backbenchers, -had a
majority of 21,495 at the last
election. This makes Beacons-
f/eld one of the 50 or so safest
Conservative seats.

It is essential to Conservative
‘morale that the party holds on
to it

No formal decision will he
taken on which Alliance party
will fight the seait until after
Sir Ronald’s funeral. Mr Roy
Jenkins is already committed to
fighting for the Alliance in the
nest by-election — in Glasgow
Hill head — and the assumption

BY OUR FOREIGN STAFF

THE POLISH authorities yes-
terday eased some restrictions
as a party delegation headed by
General tVojeiech Jaruzelski.
the country’s military leader,
prepared to leave for the first
visit to the Soviet Union since
the imposition of Martial Law
last December.

The relaxations do not end
the interment and censorship,
bans on strikes and demonstra-
tions. or tihe use of summary

BL union

or* • a

officials

will have

THE LEX COLUMN

I

I

After a bishops’ conference Bishops’ appeal. General Jam-
at the end of last week. Arch- zelski’s talks in Moscow are
b:=hop J 07?' G-emp, ihe Polish likely to be of decisive import'

Pritni'e. ■ and other bishops ance in this respect,
yesterday rrad from (he puipits General Jaruzelski’s visit to
a strongly-wcdrt communique Moscow was announced by the
cal Ling for a " incl'.l tompfffi " official Soviet news agency Tass By Arthur Smith, Midlands
between all tile forces in society yesterday. ■ Correspondent

— including Solidarity — "to Tass gave no details of the jit ^ ., , , ,

discuss how to get out of this composition of the Polish de!fc- BL CARS will put the seal today

to work

an on s

gation, nor did it indicate which I ° n “°£, er ever the

nfs ni aic it rr.o«t I trade unions as senior shop

stewards at Cowley, Oxford,
return to the bench.

Mr Roy Fraser, the tool-
makers’ unofficial leader, is
among 14 Cowley stewards who
must give up full-time union
activities and go back to their
former jobs.

Union leaders, their reverses
continuing at BL Cars, see little

the interment and censorship, catastrophe. gation, nor did it indicate which

bans on strikes and demonstra- The bishops’ call for the Soviet officials it would meet,

lions, or tihe use of summary suspended Solidarity trade But it seemed probable it would
justice. But they do include the union movement to join political hold talks with President Leonid
release of about 300 internees talks was allowed to be broad- Brezhnev and other senior
greater freedom of 'travel inside cast on the State radio. But members of the Kre m l in leader-
Poland and abroad and the re- their plea for an end to Martial ship.

establishment of many domestic Law and an amnesty for “ The Soviet people . . . ex-
and international automatic detained union supporters was press confidence that the visit

telephone and telex links. cut out of the broadcast version, will facilitate further consoUda- Unitm Ieaders> reverses
The relaxations were The message was one of the tion of the relations of friend- continuing at bl Cars, see little

announced by General Kiszczac. toughest to have come from the ship, unity and all-round co- prospect 0 f being able to mobi-

the Interior Minister, in the church during the current operation between the (Sonet use rank-and-file support for a

wake of nationwide appeals by crisis. It appears that the Union and toe Polish People s fight jj, e company’s in-

Ptflaod’s church leaders for authorities trill oppose the Republic, ’ Tass said. The visit gisteace that full-time shop

martial law to be lifted. revival of Solidarity despite the is likely to last two days. stewards are a thing of the past.

The change, BL says, is an
essential part of its productivity
drive.

In private, union officials con-
cede there might have been

some abuses by shop stewards.

But they believe the company’s
policy is likely to be counter-
productive and apt- to result in
more disputes once BL workers
feel themselves to, be -in a
stronger negotiating position.

Government aims to curb debate
on North Sea oil privatisation

BY PETER RIDDELL, POLITICAL EDITOR

in both oarttes yesterday was __ ,

that the Liberals would get first THE GOVERNMENT intends to cess, many uncertainties about materials producer. The move comes just two

refusal on Beaconsfield. introduce a guillotine on Com- the structure of Britoil. the oil The Government will face weeks after the successful lrn-

One cn^eestion was that Mr mons discussion of its cantro- exploration and production side further pressure this week oyer plementation of a 39-hour week

TohnPari^he fo^ferllberS versial proposals to sell off of the British National Oil Cor- the Amersham affair during at Cowley. The unions had been

SS rS North Sea oil operations and to poration which is to be sold. Commons questions and the aU- confident that workers would

SC? tat hffSSUS open up some of tte British Gas In particular. Labour MPs gJWjJMc *«■£.' (» X’SoV fg

u, cLuuAj corporation’s operations to com- have been pressing for dis- tee, which meets today, will be re^ra^ ot zu mnrn^ a aay

“ US- , petition. closure of the Articles of Asso- considering whether to start an necessary to finance the change.

In some ways Beaconsfield, ^ announcement is likely S3ET of BritoLL wtoch should mpuiiy into the affair. JSSS’St to to? relaLatSn

with its large middle class within the next 10 days of a indicate how UK Government One result of the bmettble c “! “ JJfJ

electorate, midit have seemed timetable motion restricting control is to be ensured. motion will be to curtail debate ^lowmre was consifer^ more

^ + tetter bet for Mr Jentatt further debate on the Oil and The need for a guillotine on on the contentious British Gas SjJjJjJL

^tHillhead his lack of Scottish Gas (Enterprise) Bill, which Is the Bill at gome stage has been part of the Bill, which the com- trik . t

credentials seem to be working naw in commiitee. recognised from the start by mittee is only just beginning to Lie *hp

against him, judging by one There has so far been 54 members of the committee, but examine. Discussions are likely

opinion poll published at the hours of discussion, including the announcement is certain to to highlight the opposition of suecess£ul_ Me tool model and

weekend. an all-night sitting last week provoke a row in the Commons British Gas to this section. ^ ilOOm in lost P

It would take a much larger during which only eight of the and the timetable motion will which has resulted in tense re- au £“°“; .. . , .

swing for the Alliance to win 35 clauses were considered, have to be debated on the floor lations between Sir Dennis * inuiea oa

Beaconsfield than Hill head, None of the original proposals of the chamber. Hooke. Chairman of British Gas, “J

however. Even with one as bis YnA Keen alterrerf. Labour is likelv to use the and Mr Nieel Lawson, the januai 7 more man two

One suggestion was that Mr 1110 . oiscusaion or

John Fardoe, the former Liberal r^5 1 Crt pro ? 1 os ^LJ
economic spokesman, might North Sea oil operal

stand, but his family discounted °P en U P , sort p e “to

corporations operati

petition.

In some ways Beaconsfield, ^ announcemen
with its large middle class within the next 10
electorate, might have seemed timetable motion

swing for the Alliance to wm 35 clauses were considered, have to be debated on the floor lations
Beaconsfield than Hillhead, None of the original proposals of the chamber. Rooke. C

however. Even with one as big had been altered. Labour is likely to use the and Mr

Nigel Lawson,

as Mrs Shirley Williams got in The Government will argue opportunity to renew its criti- Energy Secretary.

months after the original 4 m-

CMH Ullil 1VJ f! uuauM 1 Lie iJUVCiUUICUt, WU1 (UoUG UMilLj LU ItULW nlomOfltflttnn J.+ 0 w L on fL-

Crosby, the Alliance would not that progress has been too slow asms about the methods of sale After some tortous negotia- ‘ JJJ*

Via Virima anif m l^anmnc. .iMcflnn nf Gteto^uma^ nceatr fnllnwina +in«ie Civ Tlufe'mc Ktiic ’i.vUU WUrKCiS ill LilC aS50niDiy

be home and dry in Beacons- with the Opposition wasting of State-owned assets following tions. Sir Dennis has however

field. time. The Labour Party reply the large profits made last week been allowed to explain to the ZuJS

The Liberals and the SDP are is that it has been trying to by buyers of Amersham Inter- committee what be regards as 0 K 13 11111111165

in the middle of negotiations clarify, with only limited sue- national, the radioactive the facts of the position. The rompimy after extensive

about seats covering Bucking- - F - - -

BY CHARLES SMITH. FAR EAST EDITOR IN TOKYO

hamshire, Berkshire and
Oxfordshire, Beaconsfield ap- -mr "ITT j 1 j

si^prz e,,h r Japan seeks U.S. trade talks

The Liberals have done quite

well there in the past. They BY CHARLES SMITH, FAR EAST EDITOR IN TOKYO

came second in both 1974 t _ ... , _ . . ,

elections although they were JAPAN IS TO SEEK a Joint Holding regular Cabinet-level
forced into third nlace bv ministerial conference with the meetings on economic issues
Labour in 1979. U.S. to tackle bilateral trade between Japan and the U.S. was

_ ’ ■ . , and other economic problems, proposed in the report of the

Si The proposal will be put U.S.-Japanese "Wise Men’s
Zrith formally to the U.S. when Mr Group,” a panel of independent
P? rt *Sf 7 ? n th th ? w V- Sakurauchi, Jaoanese economic experts which met

Slough. If the Government lort Foreign Minister, visits Wash- several times to discuss bilateral

}1 ington later this month. The economic problems between

senous blow coiffi e hope in Tokyo is that the meet- December 1979 and the middle

Si r J£L h tog can be before the Paris of last year.

negotiations with the unions,
seized the initiative two weeks
ago. It warned that any union
disruption would put at risk a
productivity bonus which bad
been £2 to £3 a week and was
then likely to reach £15.

problem of bilateral trade workere i eft early on the first
imbalances. day after implementation and

Japan's decision to suggest 10 on the second — a response
a ministerial conference follows that forced the unions to

small pockets of Labour sup- , The „ Proposal will be put U.S.-Japanese " Wise Men’s The realisation last week that off their action,

irorters on the borders wito formally to the U.S. when Mr Group, a panel of independent Washington remained far from Union officials, while con red -

§ouS If to e G 0 vernm en t loS . Sa ^'i c ^' . .J^ese economic experts which met satisfied with progress towards tog defeat, are sceptical about
BeaSnsfleld it would be a Foreign Minister, visits Wash- several tunes to discuss bilateral opening toe Japanese market to toe sudden increase in produc-

S S to confident on ^lev this month. The erenormc problems between u. s . imporl5 . tivity payments, which they

“y ^wtactoenchers. With S' year U.S. dissatisfaction was believe could sUp back to

Mrs Williams's win at Crosby, SJL summit” mSttofi ^ to ^Th^ " wise Men’s - recom- forcibly conveyed to a parlia- former levels once the changes

it would suggest the SDP really JS ®mmer mendatton wL Siored IT toe mentar y mission ^ b J » ^ ^anre toe 39-hour

was making inroads into toe ThTSm wouId be a General S b!t Ts ^nnientiv Slasuml Esaki, a former week have been achieved,

traditional dowgt bss?. j , ?. , Dut is ® tippsxB y iTinicter of Int 6 ni 3 .tlopai Trade One branch of the Transport

si Ronald SprSented the understanding at the highest being dusted off by Japan as ^ J Indurtrv wh^tisUed W?sh Workers’ Union at the Cowley

arL storel950 P A^proSinent SfSJS SSs fSi’ia^ to assembly plant is already urging

Mond^ Club *he refeatSSy tower tensions on trade and Another recommendation of He briefed Mr Zeako Sraiki. “innqlu^toto h?w th^bSnm

a “°’ related issues. the "Wise Men’s Group, to ouen the Prime RI master, on Satur- ^ _ aid 4 3

H l ™a oSonate Japan wouJd u send at Je ast six a Japanese trade ombudsman's day on toe result, or rather lack pai g L insurance option

^SfS 8 ’ and mtiSSSSTon to ^ meeting, pre- office, was acted on last Decern- of resulL of his mission. P

nn Sr sumably hoping to discuss ber. The office is now a reality. Japan’s toner Cabinet of
Sa^ K cnnn r ‘ aSpr flddr&Tsin * an naXers such as yen-doUar ex- air Malcolm Baldridge, U.S. economic Ministers meets

Imt-i eet mpprini ° change rate and the discrepancy Commerce Secretary, suggested tomorrow to consider what other

xh® said she between U.S. and Japanese last week that the ‘office would steps should be taken about the

‘ •» w- tic interest rates as well as trade prove of little use and was “ not increasing trade tensions with

toto.-vi!-.: .1 gtid dealers
have been troubled

dree ms lately the 200-odd

tonnes of -gold believed still to
be stored in Iran as the
“ national treasure ” of fbe-
Tehrait Govenunent
Now thait toe oil States have
undergone a share role trans-
formation from well-heeled gold
accumulators to forced sellers,
there are fears that the
Ayatollah Khomeini may at
some point unload/ even the
state’s iron reserve- onto toe
world market.

The fall of the -gold price
last week to its . lowest since
September 1979 — on : Friday it
was down $3£ at $363 although
s till slightly above' Monday’s
low point of $359 — marks a re-
surgence of the link between
the bullion and oil price.

The persistent weakness of
toe yellow nir?-iti over the past
six months in / even have been
a potent I?a ' .:g indicator of
the reduitirn :n oil prices
being feted - :.i consumer coun-
tries i h ! i we-?':.

The oQ price has weakened
because .. of high interest rates
and sluggish world growth-^toe
same factors which have hit
gold. And the rapid .reduction
of toe Opec surplus has nqtoniy
removed toe flow of oil money
into the gold market which
helped sustain the price ; over
the past two years but his also
prompted several Middle East
countries to liquidate some of
their holdings— even at a giant
loss— simply to pay therbills.

Iran and Iraq, toe two- coun-
tries which seem definitely to
have been selling in recent
weeks, made large purchases
during 19T9S0. Ironically, that
stopped when war broke out
between them to September
1980— -when the gold price was
double its present leveL
Libya and Indonesia, as well
as other Opec members which
climbed rashly on to the gold ‘
bandwagon after its price boom
in January 1980, may also have
to sell if their finances continue
to deteriorate. Some East
European states, too, may be
thinking about unloading.

Some of these countries have
already been asking the banks
to arrange gold “ swaps ” in the
way that South Africa has done.
But if too' much gold becomes
tied up in collateral this could
be distinctly bearish for toe
price. Bankers shudder to think
about what would happen if re-
payment proved impossible on
a string of gold-backed loans.

Foreclosure would prompt
hanks to sell toe gold collateral, ■
which would further depress toe
price. This would put more
gold-backed creditors in trouble
—and could spark off a vicious

SOU) over OIL
PRICE RATIO

^ «b ’?4 , .*»' ’» ■

circle that would alio be high l y
damaging to .the value 1 of South
African gold held as .collateral
in several bass’s vaults across
the wodiL a- =_

Philips ;

That international ■ pioneer of
current -cost: accounting, tbe
Dutch .group. Philips, has
decided to modify its account-
ing principles. Next week's 1981
results will incorporate, for toe
first time, a kind of monetary
or gearing adjustment More-
over the separate inclusion of
revaluation' elements to the
statement of results will make
it possible to. report trading
profits- both ■ ou the basis of
historical costs and currertt
costs. Philips describes this as
a "dual-track presentation”
(although it is definitely- not to
be confused with Double Dutch
accounting).

Philips? -previous accounting
basis was . adopted in 1971,
although the underlying current
cost principles go back to 1948.
In the past decade multinational
companies have been increas-
ingly buffeted by high interest
rates and inflation, together
with Lcorrespondtogly volatile
currency exchange rates. There
has also bedn - the ; need to
comply with international
accounting standards or with
legal requirements such as
those of the EEC's Fourth
Directive. • ■

The main changes are dis- -
closed in the current Issue of
the FT*s World . Accounting
Report There is no question of
Philips abandoning its ad-
herence to replacement cost
principles — toe concept being
that profit is only earned after
making all provisions necessary
for toe maintenance of toe
enterprise. Etoitips now finds it
remarkable, however, that toe
original profit concept did not
pay any attention to toe
financing structure — perhaps
because at toe tune borrowings
were low and interest charges
small. But recently in t er est paid
has absorbed more thto half of

trading profits.

philips has now decided toat
toe revaluation " surpluses
financed by debt rather than
equity should be credited to
profits. However,; toe Fourth
Directive j will allow only
nt»aTH»d surpluses to be so trans-
ferred. This gearing adjustment
-therefore, will in practice be
largely restricted to a propor-
tion of toe " extra depreciation
char ged on fixed assets, and
(after a short time lag) the
revaluation of stocks. The gear-
ing adjustment will be smaller
than could be justified on a
theoretical basis.

Phil lip® thus appears to have
arrived at much the same kind
of gearing adjustment as is in-
corporated in toe UK current
cost accounting standard SSAP
16 — although by a different
route and with different pre-
sentation. And, in contrast to
toe SSAP 16 approach. Philips
is not specifically taking account
of the impact of inflation on
monetary working capitaL

The gearing adjustment will,
of course, improve Philips’
reported earnings. At the same
time, however, the group is tak-
ing fte opportunity to correct a
debatable- aspect of the previous
principles, the charging of cer-
tain taxes to revaluation sur-
plus. Another change is toe
adoption of the Unilever-type
currency ■ translation method,
now becoming the general inter-
national practice.

. What will the impact of all
this be on published profits?
Normally, not very much, it
would appear. But the new
presentation should make it
easier to understand the results.

Company debt

Recent rapid increases in
bank lending to the company
sector have partly reflected toe
elimination of last year’s tem-
porary liquidity bonus pro-
vided by toe civil, servants'
dispute. Now. the scale of the
company sector’s borrowing
requirement is a cause for con-
cern in two of toe economic
forecasting reports published
over the weekend.

- Thus toe CBI expects bor-
rowing by companies to in-
crease “ fairly rapidly " in 1982.
The .London Business School
recognises that companies have
in toe past been reluctant to
borrow heavily to finance ex-
penditure, and in forecasting a
£2.4bn jump in the sector
financial deficit for 1982 it
judges that this- is “near the
limit'' of what companies will
accept Significantly, the CBrs
monthly inquiry for February
shows that industry is again
■becoming more noticeably
overstocked.

day soon after addressing an
anti-EEC meeting.

The Prime Minister said she
was "deeply saddened” by his
death. He possessed “ two
supreme qualities." He had both
a “ fierce loyalty to toe party ”
and a “ robust, even defiant,
independence of spirit”

• Rank-and-file Liberal mem-
bers rebuked the parliamentary

issues.

the right way

tackle the toe UJS.

Howe dilemma

Continued from Page

UK TODAY

SHOWERS, with snow on high
ground and wind at
London. SE, SW, NW, Cent S
England, E Anglia, Midlands,
Channel Isles

Sunny intervals and showers.
Max SC (46F).

leadership at the cutting at by a token one point by 12 per cent in line with the Sea wiU pay toe Treasury about | E, NE, Cent N England, Wales

its backing for the Employment at a CQSt of £75^.

Bill. The Liberal Council
passed a motion calling on toe
parliamentary party to oppose
the Bill at third reading.

It agreed to set up committee
within the party to hear appeals
from local Liberal parties which
feel they have been treated un-
fairly in the negotiations over
seats with the SDP.

Continued from Page 1

A cut in the standard rate of 2p on a pint of beer. 55p on a
income tax or of value added bottle of gin, lOp on a bottle of

inflation rate wrould put about £ibn today representing this

Mulley

tax seems highly unlikely on
cost and political grounds. The
Chancellor undoubtedly will
raise income-tax thresholds in
line with the inflation rate, and
he may find he can afford extra
help to taxpayers in the lower
ranges. He would like to an-
nounce some held to small busi-
nesses and measures to create
employment in toe inner cities.

The normal assumption that
excise duties should be raised

wine, 9p on a pocket of 20
cigarettes, and about 9p on a
gallon of petrol.

Some of these duties are
likely to be increased by less
than the full amount, particu-
larly on spirits. In view of
fating pomp prices, petrol will
probably not escape full in-
dexation.

David Marsh adds : Oil com-
panies operating in the North

spring* s instalment of petro-
leum revenue tax.

The companies have, been
sizeable buyers of pounds in
toe past few weeks to build up
stocks for the tax payment,
according to foreign exchange
dealers.

These purchases — mainly
against dollars — have been a
significant factor buoying ster-
ling, when it might have been
much weaker because of the
fall in world oil prices.

Some snow on hills. Showers.
Max SC (46F).

Elsewhere

Icy roads with overnight frost
Snow on hills. Max 6C (43F).
Outlook: Unsettled.

toe^ Defence ° Secretary in toe u.d. group plans uisier piani

last Labour Government, he 0 JLi

opposes Labour’s commitment by OUR BELFAST CORRESPONDENT
to unilateral disarniaiBOiit-

The far left is strong in MR JAMES PRIOR, toe The project involves advanced was rejected because the poten-
Sheffield where three weeks ago Northern Ireland Secretary, engineering technology and a tial buyer would have warned
Mr Fred Hooley, a left-of-centre hopes shortly to announce the range of products for world to continue production of carpet
MP failed to be re-selected. Mr Province’s first major industrial markets yarns.

Cabom is president of Sheffield investment by an overseas The Government hopes toe Akzo, which o-wns S3.7 per
Labour Party, and a vice- manufacturer for more than a company will establish a cent of British Enkalori through
chairman of Sheffield Trades year. research and development func- its Enka fibres arm, is known (

Council. He is not a member of The Northern Ireland Depart- 11011 besid es its manufacturing -to want to eliminate not only

the Militant Tendency, which ment 0 f Commerce said it wjfc operations and that there will some of its surplus fibre capa- !
suggests that, even if Labour's ^ the final stages of negotia- a substantial spin-off to local city in Europe but also some of
current investigation into Mili- ^ions with a UE. company about manufacturers. toe general surplus,

taut leads to a ban on its opening a plant near Belfast. It The attraction of overseas Therefore it is sticking to its

members standing as candidates. ^ believed this could provide companies is an important March 15 deadline for a deei-

Labour moderates will continue between T, 000 and 1,200 jobs in element in Mr Priorfs policy for sion on toe-future of the plant

to face difficulties in being re- f 0Ur years. Ulster development But he has in spUe of admitting last week

selected in some areas. The identity of the company warned that the level of sue- that toe Antrim works were

air Mulley served in govern- an{ j site 0 f the plant cess will be low. among its most efficient unite,

meat under both Sir Harold ^ n(rt be Identified until the The Government is reviewing The group will concentrate

Wilson and Mr James Callaghan ^ package is signed in per- Northern Ireland's package of future output in toe Nether-

and is a former party chairman haps three or four weeks. financial incentives and is con- Ifmiic and West Germany,

and member of the executive. prior hinted at the possi- sidering, the possibility of tax British Enkalon is thought to

His de-selection wiU add to ^ the deal when he was concessions. have lost about £20m in the

the worries of Mr Michael rooL questioned about job prospects Anthony Morton writes: past three to four years. Closure u»bon

toe party leader, but be seems at. a conference on toe economy British Enkalon has turned costs could Amount to another J-«anw»

unlikely to make an issue out ar Ulster Polvtechnic on down an offer for its Antrim £30m if the nlaxtt is shot G—Cimi

U.S. group plans Ulster plant

BY OUR BELFAST CORRESPONDENT

MR JAMES PRIOR, toe The project involves advanced was rejected because the poten-
Northem Ireland Secretary, engineering technology and a tial buyer would have warned

Ajaccio
Algiers
Amstfm.

Athens
Bahrain
Barclna.

Berrur
Belfast
Betgrd.

Berlin
Biarritz
Brngtim;

Bleckpt, C 9 4$ Miien .S B 46

Bordx. C 12 54 MontrT.f — —

8oulgn. C 12 64 Munich F 8 46

Bristol R 11 52 Nairobi S 28 82

Brussels C 9 48 Naples S 12 54

BudpeL S 5 41 Nassau ■ — —

Cairo — — Nwestl. C 11 52

Canflff R 10 SO N Yoikf — —
Cas'b'ca S 17 62 Nice S 13 56

CapeT. — — Nicosia F 15 59

Chicg.t S -6 21 Oporto R 14 57

Cologne B 5 41 Oslo Sn —1 30

Cpnhgn. R 1 34 Paris C 10 50

Corfu S 17 63 Penh — —

Denvert S 2 36 Prague- C 7 45

Dublin 5 13 55 Rykjvk. Sn 2 36

Dbrvnfc. S 14 57 Rhodes F 15 59

Ednbght R 7 45 RioJ’ot

Faro S 20 68 Rome S 14 57

Florence S U 57 Salzbrg. S 8 46

Frank*. C 2 36 ^clscot F 11 52

Funchal F 16 61 Stngapr.. F 33 91

Geneva C 5 41 S'tiegot — —

Gibrltr,. F 19 GSiStcfchm. C -2 28
GT'sg'w C 8 46 Strasbg. C 4 39

G'rrvspy C 10 50 Sydney — —

Helsinki C -7 19 Tengier F 18 64

H. Kong C 17 63 Tel Aviv F IS 54

InngbrV, S B 41 Tenerife C 13 55

Invrnss. C >8 46 Tokyo C 12 54

i.o.Men S 9 48 T'rnrot — —

Istanbul R 6 43 Valencia S 31 70

Jersey C 10 50 Venice S 9 . 46

Jo'burg - — — Vienna ' F : 3 37

L. Pirns. C 18 B4 Warsaw 5 1 34

Lisbon F 16 61 Zurich 1 C 3 37

Locorro S 8 46*

Cloudy. F—Fair*. Fp--Fbg.

e e, ....... o-

WORLDWIDE

Y'day
midday
*C -F

i 13 55 London

19 66 L AiFj-t
8 46 Luxmbg.

14 57 Luxor

20 68 Madrid
16 61 Majorca

\ ?6 61 Mefa^s
11 52 Malts

S 41 M'chatr
4 39 Melbne.
14 57 Mx. C.t
11 52 Miarnlt

Y'dey
midday
*C D F

i

Fg 3
S 25

to continue production of carpet
yarns.

Akzo. which o-wns 83.7 per
cent of British Enkalori through
its Enka fibres arm, is known <
to want to eliminate not only
some of its surplus fibre capa-
city in Europe but also some of p^*-

the general SUrplUS. Florence

Therefore it is sticking to its
March 15 deadline for a deci-
sion on -the -future of the plant
in spUe of admitting last week
that the Antrim works were
among its most efficient unite.

The group will concentrate
future output in toe Nether-
lands and West Germany.

British Enkalon fs thought to
have lost about £20m in the
past three to four years. Closure Lisbon

” 1

Frankfr.

Funchal

Geneva

Gibrltr..

Ol'sei'w

G'msry

Helsinki

H. Kong

InngbrV,

Invrnas.

i.p.Man

Manbul

Jersey

. If3rou\elbeaate^pottingiii ; \
the City latdj^ you won’t Jbave s

rot sse d &ejamoiteBovishiiTnTrii'ng ^

bird. ' |

He tdls yon we’re buss m feet ' ^
busier than we’ve ever beman mo le
Than SOyears 5 exclusive opejanonof the
Bovis Bee System of lmfldmg; ' =

In a world of high funding costs 3

constant mflatioja-andbnildiiigsaZZ one

of the most attractive prospects for v
iLVcsLuent, Bovis has be^me the most
sought after city bird sint-g ' - •

Chnsmphior'Wreui . ; L

youwon't have to look firfor the
leascms. ' '• \ '

A- building; project undertaken hy
Bovis is QS& of the snrestways of

L. - athievmg: quality valne for money.
S ' cou^letiioii— and where

y investment is concerned, the best

P posable yidd.

And fiorfigryoti seek our

help, or advice, the more power to
your portfolio...;

(GaUBeroardHodgson 01 - 422 348 S.

Harrow Middlesex
HA 2 QEE)

Bogis CcmsirDC tionTiniTtpd ,

- r -• .

<• * — i

m-.

l* ^'AfnAk&TiVvMf'V.r "

' ■"*■ 4 ■

WdWsfc

(I.&J.T5P
IndJatnwii.

■*!"*•■«■ -I

' • m #

ial Times Monday March
I ALS — Continued

1 1982

23

Me*

U*| Hi

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iMtoft Bourne
M.SHtto

312

138

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U7£

44

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268

52

124

148

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80

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168

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rtantT.t'lOb.
rwlQp

l«6 ,, __

KwntfySm. lft) 143s]
Apnl Kershaw >A 1 5p.. 240
’ Aug. Bres-E Zi* Hldgs.

Aug. LC.P. Hk
April LR.C. Int. lQp.

Mas Ldwtcx

Nov. load Inch. 50p .

■%q. LESHollStfrtim..

Oa Lop Group 10b .

July Lmhk Prists. 5p.

July Uimhaillop.„

Usi.fi Uv. 10p
Serf. London iMidt'd.

DetlLon &Nttm.Grp.

Prrv HrttHi
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NovJMaclellan 20 p„

Mar. MacptenoniD.).

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15 1083

mjiSEmi
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oil 23
SK19J0
UTS —
311 t3.0
3.U 5.0
3JJ tl.0
54 1088c

Driidnfe

Md

LEISURE

PROPERTY— Continued

Stack

1.91136

a3i7j

&J I

Jrl
Oct

Dm

Sept

Aor.jMagtMlia^&ftg*

43
65

44
133
120
305

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311 13
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9JJ43.75

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June

Jan.

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April

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July

Mar.

Jan.

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Mar.

May

Octf

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April

Jan.

Oct

Feb.

Jan.

OCL

Feb, Man. Sup Can
Mar. Mariey J fifed

Oct Marling IncLIOp. "
Jin. Marshall L’xy. ‘A1
JuMManhall's Untv
Martin-Black....
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Maynards J 186

June! Metal Boy £i. M | 168
Metal Closures.
MeBmecJenfaue

Mettoy

Do. Defd.

MobenGrp. IQp..
M’Sana>5pc£»6
JuM Morgan C/iidhle
Aug. Mas (Robt.)lOp
Sept .{Hash CJ. FJ Secs.
Nov.tN.C-R. 4% 93/96
Neil&Sp'ncerlOp
Net* Equip lOp.

Notion

Aug.fNorcit»

ApriljNu-Swift 5p . —
wp.-.

& Elect..

May [Obex 20p

June (Kenstonel^aC-
May Nov.OraHdFln.Cv...

April OcL Parker Knoti ‘A 1 ..

Feb. Aug. Pauls & Whites.

March Peerless

June Now JPentlard lOp—

lOp.-.-

OcL July) Rentas lOp —

June Dec. Petrocon 12*jp.

September PnHJlps Patents ..

May Dec Photo- Me

Feb. Aug. PBkmgton Br.

June Dec. Pttn> Bowes Lil

Sept. AprinPtatticCttHLlOp.

Jan.

A«r-

Jan.

Jan.

Jan.

Sept
June
Feb.

Jan.

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July
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JertiQu?

JanJulj (A-RTV Pr*f. El„

j Lad Bv | int |

j Pita is Net jcirj

B?

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TO

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wu

88122
4J 312

May

Sept.

Dec.

Jan.

May

Mar.

Feta.

Aug.lAnglia TV 'A' ...

Feb. Assoc. Leisure 5p

Da»m Jt.UI A T

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62 5.4
52 9.7

4.7] 7.0
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94 83

8519.4
68 9.6

4.4 7.6
113 *
183 fM

9.4 aw

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U3B1S

June Barr & WAT. 'A
Juty Blade EdgUv.50p.
Nw. Boosey&Hawte]
Nor. Campari lnL20p
June FsrtineBoaElap
February BlsgonPstolOp-
Jan. June GranpaaTVAlOp
, iGreenwichCaUe

May 0a NTVNonMg...

May Oa Horton

ttrnasinl0p_.

Dec

June

Apr.

Iw, ■■

_

January |LK«ff(D.M.'
C. Apr.|LWr M A'

Jan.

8320.6
771 7

7 1

13. 5
5.6 6.4
ii.7 ms

Jan

Sept.

Dec

KTO _
14.9 1.0
152 U)
1210 143
2311 29
101 7.0
14.9 3.7
284 1.43

152 42
14.9 21

1.9 -
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Sept NMOr&WtlDp

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Your Financial Advi!

Price

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MclnemeylOp.
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Nov. MoudJeigh —

A^.lMouraview 5p ..

53

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Jan. July Prop. & Rev. -..

Apr. OglPhp. Seclnffip

January Raglan Prop Ip

May No*. Regaiian

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April Oct Do. ’A

665

11.4

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91

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Jan.

Aug.

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*" frop.20p.

45

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MOTORS, AIRCRAFT TRADES

Motors and Cycles

MrJe5.D.

S aui
19 J)
3.7

f64
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9J IMTi

25) 631

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its* Motor V50.I
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Commercial Vehicles

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Jan. San. Metrap. . ,
Oa Second City 10p-4

Itey StougtiEsts.-^
Dec. DamCanv.’90
Dec. Do. W Cw. 91-941

Speyhaurit

Aug. Stock Conversn.
Sure Props. SSL
fittaeln &Sc.O J

40D.12pcCvW.75p

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Apr. Oa Town fi City

Do.TpcCny. Ur.Pf
Aar. Nov. Tidtdd Park
April Trust of Proa 5p

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Mav. April Utd. Real Prop.
Jan, JulyMfenwr Estate..

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160
230
160
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Jan

Mar. Eng. & Scot. Inv ..
Aug. Eng. Hal. Inv. Prm
Aug. Eng. Nat. Inv. D^d
Aug. Equity Cons't Cl -

fl I.U

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■J466 De
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127

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Dec. June|E 5 ®ie Dubes

F &C Enl.Ts.lDp.
October F.&C. EurotniSi.
May Nov. Farrtly Inv. Tst ..

Pint Qarfottc Assets..
Sept Apr. First Scot. Am. —

_ . Fledgling IrwS.—

Nov. Aor. Foreig n & Col

Jan. JiAy F.U.G I.T .iRO.Sl-1

Dec. June Fulciurn Iik...— —
Do. Cap, 2!^-
May Nov. Funkmest Inc...

Do. Cap. . 1 . ■ ~. .
Dec. 6.T. Global Ret. n
Oa Mar. G.T. Japan —

May Oa Gen. & Comm cl, .

Aug. AprjGen. CoreoliM —

S&8 LB
911 236
911 434
123.12 19.45
24.7 (103
Z3H 16.75
261C 12.3

Dec!

UedaniNiOff.Q
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fCardeaa Res. .
Oariess Capei lOpJ
CemwylOP—.
Ceres Rs.CS 00
Ctaarterhall 5p-

14 « 1.45
144 60

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288)4.85
218

108

204

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43

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50flL9 Sept liter. General Finds.—

291(265

f73
7.6 60
L7 203
60 4.1
51 rlUi
10.0 -
29343

Da

Dec.

Jan.

Mar.

July

Feta.

61
7.7114
21613
3.4

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Mar.

Dec.

July

Do. Conv, 10p«..
Gen. lrwe5}orS —
i- 5 co ttff h..»^«
Julyffien-SlTiMolgO)]
Aug. Glasgow St hldrs.
jaa Globe Inv.

Aug. Gt- North 1 * Irw^-
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Ajri[ tereenfriarlnv —

372
3.6123.6
7.5133
8.0 (4J)
2.9 iBJ*

tm

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^ Feb-

Jan.

73

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— 1 July Jan.

Mar. Sept Abbey
Feb. July Airflow Stream

hby Nov. Anrsl'ng Eo- lOp

Jan. Sept Automotive
Aug. Mar. BJuemel Bros. -
Mr JnSpDcDmeCorpSl

EJI.F. CHfdgs.).
PlaxtorsCGB)-
oric Trailer 10p.

Components

ii

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Gotaas- Larsen 51
Jan. July HixamaGUson.

July IMiftard Docks £L]

IJ ii

Hn33

June

JaiL

aE"

S:

May

SHIPPING

B01I OH

Gresham Use

Gresham Inv

SepLlGroup Investors.-
Joty] Guard inn Inv. Tst.

ncuiulb iH-ai — !■■

July Dec! Hill (Philip)

October Independent Inv. .
Dec. Jane Industrial & Gen..

Sept, Mar. Internal Inv

Sed. Apr. Inv. in Success —
Mar. -lonel Investors'

Japan Assets
Mar. septifirtiw Set H
Nor. June Jersey Gen. £1 —
May OalJos Holdings-—..

251
251
251 133
251 31
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ma 5.04
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Lake View Inv. —
Lane. & Lon. Inv. .
Apr. Oct Law Debenture....

March UzardSUg-Relp
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Feb. JuMLon.Aitemic.j-.
October I Lon. &GarL 50p.

11211

■ 14^3431
M 43

Mar.May
July Fi
Nov. Ji
April

289 039-
7.12 h934
Bia 185
112 2.88
280 725
3U2 42
251 4.48

75

4.6

SHOES AND LEATHER

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13

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March
Feb.

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July

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Prta Wn i Grp. Up
Prestige Groqp
Pritchanj Svs. .

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28.9 3.7
1911 11225
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132 68B|

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1 251 20
[23.12 3.0

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111

29

Nov.

July

Dec.

Dec.

Jau.

May

Nov.

Jan.

Feb.

Fetal

Oct

Judy
Dec.

&:

Jan.

Jy.OJsA.
Feb. Jii
Dec.

Dec.^kdy

Reed Inti. £1—1
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ReiKMd lnc.Y5Q.
Remrick Grotqi.
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f texmore

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July Rotaprint 2*- ..
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H

Aug

Aug.

Aug.

Aug.

&

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OH

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Aug.

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May

Jan.

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Mar. Do.'A'N-V— .
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Mtr.lDo. "A' N-V

Serf. Sidaw . .

Sept SrfbeGcnran..
June Sileidnight IQp
July SUv'rthaoe lOp.
Jan. Simpson <S.) ‘A’-
July ; tchley. — ....
May Snxth&NtrfilOp
Dec Smiths I nds
May Sole. Law2Qp.

Fcb. Sorec

Feb. Soihetw P-B^..
Nov.annnriG.WJ2Qp
Aug Spear (J.W.) —
June Jan. Spring Grow....
May Dec Starts, Potts..-,

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Nov.

Feb.

Apr.

Apr-

Oa.

Feb.

May

Mar.

Jan.

June

Mar.

Ja«i.

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MamStag Formture..
Augun iSut Fireworks .
May (standard Ind —

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19

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180

10

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9.4 56
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2.7 196
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Je(T.)5p_.

Davis Godfrey—

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Harrison (T.C.).

Hartwells

Henlys20p. —
Heron Mtr. Grp. J
Hunt (Charles)

Kenning Mtr— ,
Lex Service Grp.
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Nov. Jaaei

Footwear I rws..

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jureiHeadtau, Sms 5p.
Lamben Htb.20y
NewbnMfi Butt'll.

PtttardGrp

Scott (DavSllOp
Strong &Fsher
0

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80

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53

52

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Dec.

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June

June

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7.6 5.9

6.4 11.6
52 —
8:0 f«7>

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Jan.

SOUTH AFRICANS

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November tetTnrfxm'AWl

July SA Brews. 20c J
Nov: Tiger OafiRlJ
Nov. Unisec 2Dcts —

160

£113*

403

60

46081

800

210

195

147

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911 070c
286 fll4c
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16 1027c
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Mar. SepJMeldrum Inv

Apr. Sep. Mercantile Inv —
Serf. May Merc han ts Tst ..—
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May Mom. Boston lOp

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NIPPON

KANGYO kakumaru

TOKYO, JAPAN

• London: Kangvo Kxknirwra

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jan.

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ta&V CoHms Wiliam.
May Do. “A" -

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21 8.7

Carr*gtn Wyel
Pators—

Corah —

Counartd5

Da 7% Deb 82.7
Crowther (J.)—

Dawson Inti

Dixon (David)...

. of MCtw IQp |

Foster (John 1 ...
Eakril Bloom 2Co

Nm. Hickreg P'slSOp.

Aug Hirfvams-
|in>orthR

Mar. m'gworth M. 2Qp
Ur. Do. ‘A’ 200—
Aug IngramlHJ lOpJ
May Jerome (Hldgs.7?
Jiriyj Leeds Dyers —
Lister.

m

Lyles <S.)20p..
MeckayH

|||4|

Martin (A.) ?Dp
Miller (F.)10p.
Apr.lMortfol —
Mimton Bros lOp

DecINotts. Ptenfq_.
erseyZOp

159 46.98
7.12 14.65
lail Z05
9.11 5.73
979 _
289 3.77
3.82

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115

9.9

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931152)
103 M3>

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Feb. Ruhartis 19p
.E.E.T. 2ft).

It Robertson

it55
d9.95
1.8
723 05
71! 35
288 60
7.12 338
1279 K19
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7.12 d35
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PAPER. PRINTING
ADVERTISING

Scpl

Jul

InL lap.
tUp-

Att9-

r&kbrni .
'Capets lOp.

_ l4A.LD.lftk — I 21

Apr. Ault
Jan. BPC—

May)

% e 553SSti

June
June L

July Causton (Sir J.)

L05
677] 040c
, 1W 165
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a

93

151193

86H99)

690871
7.3 32

Ang

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Qondalkin Grog?
January Crtdl^y
n. Dec. Cropper (James).

Nw

Apnl _ |MVnPBCk2C^|
RG- I

00^8 1B5QW

jp-

6

39

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153

72

47

117

77

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115

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Vi^ior

IVmert 10p
VintenGrp 20p
lV Ribbons IQp ■

W G L-

Wnde Potts. IQp.
IMwHw 5p-

Ward (T. W. ) ...
Waterford 5p...

watsnam\ ...
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INSURANCE

95|iQ72c
31249.0

152 79
16 1 —
23-H L58
156 Q12C
911 7.5
312 13.5
Lb 1.63
312 62
288 425
2311 dLO
156 4268
28.91 60
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19

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4.9

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25.^ 24
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311 0493
23X1 04.03
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261

Sari.

53T ..

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Papers

HIS? K®:

Hamson Cowiey.

June Blla.hW 5 s. 8 ^

js

FJJSJX
SepL

OgiLry &M.C |
lAp^Sfies Paper 2t*>.
SepL Saarchi lOp — I
■Ocl Smnh (Ovid) 20pJ
Jnfr SnarfiUJef feUl
TraGfiargriB
JrtviagrB

69
35
69

_ H236

306 —
12311 +4.0
_ t>25

111 89
HI -
289 209
12610 1+3.0

HV

152 69
132 7.0

Oct

July

7.7 159)
59 -
72 -
6.0 7.1
112 NM
92 53
5.7 80
+ (294)
122 2.9
53 65
25(811
10.9

Serf..

ll&TidrrBs
R.lOp.

iL1200

Spencer! Geo J.
‘Iwart Naim..

a

OajSUrbng Grp. 2ft) ■
krd'A’ —
JuMStrool Rsigr DrU
Nov. Sumner (F.) — .
Ort-iSwtieamWoteey.
fexfrd Jny. lOp.
Fdytary iTomkinsons.....
Feb. JulyfTDotal^.—

TjU «w

Oa.

li 353
312 rriJ.l
27 -

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TT. -
28|tfL8

B^1h06

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171

67

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36 4.4
43 97

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h

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Dol ‘S'

Apr. AuglMurray Western..

Igjl 1 165 l 19j 33 1 -

25 « 43 -

March

Mwray Western B..
NegitSA

_ Oil.
RmlBrt.1.
Oil N.l
Pet-..
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'ricentroi

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Weeks Ausl — ,
Wsls(Brnuta)10c|
Del PL lAtO.)

— P®? I'-',

WoodtadeA50c—

Z _ u - - I oa

(46i

tancontl
ParingaMfitx.
OaPetoWaibwd
Pelsan Res NL...
Renison 50c — —
Do. QM. ...

I trust A -

[Southern Pacific.

RsqvtzsTOc
V uhan Mins 20c.

| Wea Coast 25c ..

in. Com 50c.

Iwesta Muing 50c
urn Creek 20c-
lYork

Tins

14.91 £M^%[-

ns

8.4

tHO

Nov. Ayer Hltam
AogGeevor

QL92 -

>85)

SUS1.
Nnrta. ln.TsL50p
New Darien Oil TsL
Hrenertet CD. <19811

Q13c -

- sOJ5

OVERSEAS TRADERS

Jan.

(&0)

AugJNewgro^Inc

ten 20 ill:

ia -

56

59

1L1

62

99)

65)

15(122

31 2
05
3.7 313

ll

4

4j

1141

8.7

Dec.

fitey

June

June

Dec.

Jan.

June

Apr.

SP

Dec.

Aug.

Apr.

Ocl

Do. Pr v
Do. New Writs..
New Tokyo lm.50p

1928 invest [

Nth. Atlantic Sec.
Nth. Bril. Canstai.!
Nthn American. ..
Northern Secs. — |
Oil & Assoc. Imr — ,
Nov.lOutwich Inv —
Pert land Inv.....
Preocus Metals Tsl.i
RJT 50p-,

U

African Lakes.
AsnTahgBljta..
AisLAgncSOc
Oa BeridwdiS.fi W.L
Jrfy Bcrttwdt (Ttas.) 50p
July BousteadlOp—
Aug.JCrtrfv Hotse _

Jan. Finlay (James)
GHI&DuHu5_

Dec

June Gt. Nthn, 0.0—

76

126

68

Raeburn

Rights & is. Cap.
__ Mar. River & Merc. . —

Sept. Mar. River Plate Def. -
Apr. Nor. Rubecn (Br.) F50 ..
Apr. Nov. Do.SubiSh'sR5
Orf Raltnoo NV F150.
Oa DaSiti.Sh , 5F15-

Aug Mar. Romney Trust

Apr. Nov. Rosedimond lnc_.

Do.Crf)..--.

£433 8

MOM.'

Dec H’ris’ns. Cros. £Lj
Apr. InchcapeQ — f
Oa JacteWm.

Apr. Lonrho |

May Mitchell Cotls_

Nov. Nesco Invests;..

July Ocean Wb&ZOp]

Dec Pa'son-ZodL
Dec Do. ‘A’

Nov. Sine Darby I
July Steel Bros..™.

June TtHfirKemc2DpJ 72

1041 Ll
14.fl 15
104 015c
152 75
11280 0.01
911 125
11077

an $4.17
1610 b&.4
106 012%)
901 289 I
152 1815
154 1035
152 99

*

6

1 114

Gold & Base 321^
July Jan. Gopeng Cons. —

Mar Aug Hongkong

Feb July kbris 10p

June Jrfy Jantar I2i;>p —
Serfsntier Kanaus
Oa Apr. Knin^hall

— Malaysia Mng 10c .

_ Pahang

July Jan. PengkalenlOp....
June. Jan. Petal ing SMI.

* >fcsiB3a:

9

230

ID

86^(72) ter.

12 291 —

Mar. Tongkafi H. Tin ISrrf
June Tronoh $M1-

155#

22

100

660xd

70

32

305

320

180

90

105

75

220

SJ11Q135C
fi

107
2511179
29.6 210
16 4*99
117 i!5
TUKQTbd
152 QlOOc]
712 025c
2711 19.63
15 3.5
712 060c
7.12 i031fc

av

215 G25%j
289 iffillOc

0.71149

6

ts

49
OA
0

oil

tl

ii

46

7.9

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66

3.6

85

16

45

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84

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26201 17.0

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015)
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a t 1223)
17.4157)
9.7 026)
7.6

84 U25)
41 26
42 26
4.0 9.9
4.9 80

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AugjMessina R050 — ] 270

| ml QfiOc 1 52pL8

May

— 1 Aug. Feb.

L6| nail)

J“M

Anglo-Dorrvnion ..
Buma Mines lOp
i CoftyRes.Corp.^
[Cons. Murdi. 10c.
ttBqp^aura Goti M
ttHemefikm 10c.
Highwood Re. ...
NdrttigateCSl...
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LO

RUBBERS AND SISALS

7.9

83

45

.Tiff

3.2

85

177)

*

eguard Ind

ApriliSt. Andrew TsL —
July Scot.Am.lnv.50p-|
June Scot. Cities ‘A*

Oa Scot East Inv. —
Irw,

Dec[Scot&MercA — j
Mort&Tstl
DectScct. Natioral — ;
Scot Northern
Ontario-.

Mar. [Scot Utd. Inv —
.Alliance Tst

T.Sc.— '

June ^rieaR*lRv SUS5-I
Jan. April (Shires Inv. 5ft)—

Dec

Oa

Mar.

Dec

Apr.

JUl V

Jus

May

July

Aug.

ft

Dec

Dec.

Sphere

SPLIT

Inv

HI)

L6l 62

se-

Dec

Sterl

IT Inc li fe —
10p..,

58
65

isa J-2

71! 315
14.1 335
2312 46
289 g89
2611 53
2311 63.43
14.9 3.45
11211 335
16
14.9] 915
I2UIH 4.9
ich Q25c
7321^
209625
052

Miscellaneous

25
75

Jdy)

Mmerate lOp

■1CS1.

ISabmalnds. „
^Southwest C. 10p.
Tara Exptn. SI

275
8
60
BO
200
435
£98J 2
14
18
39
400

wJo.75

30

2311

919

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<t>

160
Q9i2%)

116

55

f99

— I

Cw

NOTES

ISPLITCap.
Tst...

urtWlnvlJy.j

10.4
152 £5
712 39
911 235
137 40111
879 , —
911 15.0

Eng -
9771 -

TOBACCOS

45166
5.0143
7.7 69
0.7 264
7-5 (67)

JuM BAT Irate

Imperial

Rothmans 12ijp..

83xd

77i 2

9.111 tl99
152 725
2312 1365

Sept

Oa

Nov.

Oa

Far East
Stockholders Inv-
echnology-—
emple Bar —

' j. Growtfi-
. Crf). £1 -
’ogmort o n.. —
or. Invest Inc— I

LOl

113 1 - I - 1 - I -

1561 495
I26JMZD2
7.12]

7 ^ 10
10 43

ma 7.9
1121(3 258

*

st [AngJo-Indones’n-
telBartow

Dec

Hldgs. lOpJ
Sept BertamlOp.- — -

Feb Jdy&ttlefieldlOp
Apr. Nov. (tans. Plants MS0L5
Jan Grand Central 10p_

July Guthrie D

Oa HanSXsMIy.Eclft)
May Highlands M5fc-
Nov. Kuala KepqroMSl.
Jrfy ttKulim M50c —
Jan. tiki- Surratra lOp
■ Jane Malakoff MSI. _
Oa Malay. Plants. MSI

50

14.7 333
911 s39
14.9 0 l 88
7.12 *7.0
L43c

14 I - I - I - I -

1031

oa

tei

Aug.

Apr.

Ji
Aug.

June Nov

5JH10.4
Il25

TRUSTS, FINANCE, UND

Investment Trusts

llbdi

iau m

l.aio.'fl

Jane Wace6rraxj20p
Aug.WaddmgtonU.)-|

181497
293*1.44

10 a
M +525
261 05

8.4 7A
06 15.7

10 a 45

*

3 . 7 ^

38 78
7.9 —

Oa

PROPERTY

7.13 ItM

Jrfy

19
445

65

7«z

172

53

218

61

57

16

12

20
93

345

67

24-

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911

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125

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63

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82121

- w -3

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7.7 89
12 201
73117
63 52

4.9 11.7
4.4 83
23 >271
90 kHli

103(82}

ft.

•ten.

July

Nov.

Dec

a£

July

jan.

Feb.

IU*

5.7 85
16 (C0<
60 41
4.3 -
12138

s

Dec

Feb.

Act-

May

Jan.

Apr.

Sept Alhatt London . 194
Anal. Estates-
AurfiMHnpattn. »
OaApw.Pnops.lftt I**

“■S£Sfc£: M*
SKffiS

Dec BerWeyHantiro »
Jrfy Bilton (Percy)- 2M
Aug Bradford PrrfJ— 19B
Serf Brilfeti 87

Oa Da 12pc Cn>. 2D0e £296
Nw.8rixton Estate.. 109

Aug. Cap. & Counties 117
AuilCardifl
WarttorReal
Carrianln».H
C’ntrttvincial 20p
Cheaerfield
Ctnurfti’rvEst..

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105

a 16.9
196

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Jan.

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Dec

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7.9

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Nov.

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Nov.

Nov.

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Feb. Oct
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May
Jan.
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fjertnvn IrojKt-- 90

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ff

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MayiAlliance Trust —

July Akifund Inc

Joh Do. Capital

July Ambrose Inv. Inc

Do. Cap.

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American Tst ‘B’
Mar.fAngfa Am. Sea
Apr. lAnglo- Int Dnr_
Do. Asset Stas. _
Scot Inv. -
imedeslnc-

Inv.......

tantaBalLlOp.
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Bankers 1 Inv

Berry Trust

Bishops^LeTa.-
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Serf.lBremta-Ta™ —
Brit Am. &Gen_
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Aug. BnL InL fi Qsl Ufa.

June Brit Irwea

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Apr. Aug. Bruoner hw

June Dec (LLR-P.lnv

Dec. Aug. Caledonia Ims —

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May Ctanetha lavs. 10p_
Dec June Can. & Foreign-.-

Apr. Nw. Capital & Nat. „

- Do.“B

Serf. Mar. Cardin^Dftl

June Dec Cater Inv

Juie Ctan’l K IncU.

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December
Ji

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13.751 18 461.191
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54 Jl 22 277
65 13 42248

B65 16137 -

24

ity of Oxford —
SeptlOarefhouseSQp-
Aug.ICblomaiSec5.5p.
CbrfwerfT 6 ind.
’I Union

Utah icres'm Japan 50p
Mar- Aug-lDnosSfrars—--
Cystic FibroasLl
Feb. Ang.[Danaeilnc)'6apl.

Do. (Cap.} 10p...
Derby Tst Inc Q
Do. Cap: 50p __
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bo Premitr^..
Dualffu ftt. 50p.
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jan. JuWDuortee & Ion . —
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Jure Dec. Ednttaffgh liw. —
jan. July Etecia inr. »sl a.

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Resources.
.ftt.fi Texas lOp.
Ind. Inv.
Inv. £1_!
Mar. WintertMtom 5p.

Aug. Wltan Inv

Sept Veonen Imr

Dec. YOTKS.& Lancs—
Jude YoungCo'sImril

3.9
3.7

^lliO

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m 92
28.9 0.91
112 23
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1 1211 7.1

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[23J2 2.95
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411 10.66
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152 676
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Augst

November

November

Sept

May NovJ
June

Assam Dooars El-
A55amFniriier£L4
Lawrie Plants £1-
McLeod RifisteElJ
ft84pcCw.Pf.im92
Moran O.

240

April

tWiU arson £2 —

Sri Lanka

Serf Lunina £1 1 419

16 6.0
2610 109
1210 209
280 1865
- 8.4%|

2&E 59
23 123

2.4*

I 431 s219 I L3| 73 ^

Unless otherwise inflated, pric* 5 ^'fe ds are ta pw « ; »d

p. Estimated tyteeaminfe rauos a ixl couw sare

based on latest annual reports and JcMiurts
updated on tedf-yeariy figures. PlEs are oktteted on “ret
dlstrdkitkxi tesis, cutotgp per share being computed on profit alter
taxation an) unrelieved ACT whe re figure

Indicate 10 per cent or more ififfenence If gknlatw) on «r
rfstribution. Covers are tased on “nexunum" disrittm teon; Bus
axrewres gras drridenl costs lo profit after usattaa e^aSng
exceptional profits/losses but including estinaied etfrtrfrfhefflbje
ACTTYWds are based wntijtep^OTgra a ada B t^tBACTBf
30 per cent and allow for value of declared tfistrftufm and ngns.

? h!^ marked thus have been adjusted to altar tar rights

lanes for cart.

literim Since increased or
Icterim since reduced, pvrral or deiwrea.

Tax-free to non-res«lerts on aprficaiwn.

t LKM^ra? Exchange and company not sttiiected ID

same de^w of legutoiion as listed securities,
ft Dolt in irier Rule Ib3«2Ka); M toed on any Stock Exchange
and not subject to any fasting requirement*.

H Dealt m under Rule 163(3).
a Price at lime of stsmknt. ,, _ ,

f icdicated dmidend after pending senp and/or ngbts toe: cow
relates to previous dwidend or forecast.

4- Merger bid or rmganeauon in process.
x Not comparable.

^ Same interim: reduced final and/or red uced eaniirxp UxfcatedL
Frwwao dMB^t; cover on eammgs updned by latest interim

j

MINES

Central Rand

February
Aug. Feb.

Aug FetojRandfqrri

Durban Deep Rl-
East tend Pro. RL.
'n BL R2

Aug. Feb-| West Rand Rl.

115

185c

II

May Nov.

Finance, Land, etc.

Stack

Prin

Curl

Prf

Aitfcen Home.—
AloroydSmthefS .]

M1I1M
303 135

IAosl Farming ^
ylnv.Sp.

lAtjtboniyWwJ

|Bomtoxvl^H
Bntaflflia Avrow^j

JTj September

1279 - -

CenlreflWvT ruSt-l
^ Energy Fin.

_ idtAssoc...
Exco InLlOp — j
£x Lands 1:.)_
Fasbua & Gen. 5p. i
Hantiro Trust..

Haw Par. S. .
tm. in. Tsl J». Ol
nvestmert Co..
Kakuzik5/- —
Krflodc 5p.
1taLCow.Pff.5p,
KrtrinuftytrlOu-l
Kwahu 10p_..~
laumt HUgs. Up
London lnv.5p.|

Lor. MerchanL.
Do.Defd.......

Eb7 , tfQUB290MS[

M, SG.Grtsjp..
Majateims. lOrf
item iR.P.i 5p
Mercartile House

Here. Own. ML la.

Uric Tans. Tsl Ip.
Me« Kta Find Inc.

N. M.C.IIK.

14.9] 110

ma 19
I232B gL25,
RR Q8%1
£a (3.0
— 043
288 036
152 ±15.6
152 R84

Eastern

Bracken 90c..
Coro.ModtrtHt5c.

Rand

“W-

ERGO
Grootviei 25c —
Kinross

Leslie 65c

Mshievale RQ25
S. African Lit 35cJ
Vtekfontem 70c_..
WinkeKoak Rl—
WIL Nigel 25c —

Far West Rand

Dee

2U|bQ12c
288 089
24.7 dL75

11220 LB4
921 12
1110-88
12322 1198

181 4.01136

L 93]

2.4 7.8 53
23 12 N2D
23 I3I3U)

07 12.4 'TL*
146 H33

7.9 (62)
7.4112
2.4 22.4

^ 1 07?,%] -

■ ury.

, 3.1 123
1913 275
23625
152 W,75

20ij

056.0

0510

16

Parant* lOp-
! inv.

Pare Place
PeariOn'.Sl&Son
Ttflaat&GeaHK.

S.L£4^icAnnro
Smith Bros. ■>«■

IS?SS&

iTofuxSAll- ,

jbCxr) & Tech Sflp J

weitedc ’

WeStpOOl Inv — I

lOfl D.75
283l0.6
28| 36
2891 109
13

— htVrfvenm Invs.

YOrtnreenlOp.

YuleC»toiOp.

212 - ,
2M 04^^
1W 1439
24? —
166 Q23%{
SS Q21c

BiyvOOr25c

Buffets Rl
Deel kraal R0.20..
Doorofontein Rl .
Driefontein Rl __
EJarabraraJ Gld. 20c)
Qsbwg Rl

Hartebeesi Rl _
Kloof Gold Rl __

Libanon Rl

Soutinaal 50c —
StilfontdnSQc __
iVaal Reefs 50c
(Verrterspost R3 —
Western AresRl
Western Deep R2-

Aug.|Zandpan Rl

468

OPbISJ?

743

Off*

186

154

Cover glows for c o nversion of shans not new roridng Per dbitdends
or rafting only for restricted dhrefend-
Cover does not alio* for shares which may also rank for dhtondat
a Futwe due. No P/E ratio usually provided.

SC assumption Treasury BW RtesaysunduuiBvdi^l

nBUjrity of stock. ** AvaibUe only to UK penpon sdwnes and
uswanee compante engaged in pension brainea-a Ta* free-
t Fives toed on prospectos or other offfcai estmate. c Cents,
d Dividend rate paid or payable on put of capto; cow- based on
^ . dividend on U captfaJ. e tedempiton ywfcL f Fbt yidd. g Assumed

28.91 Q&Oc | 12)27.5 1 dwtod and yield b Annri dividend and yield after scrip i ssue.

i payment from capital sources, k Kenya, m Irtentn higher than
pmtous total, n Rights issue penefng. q Earnings based on pretoro^
hguras. sDlvicteief and yield exdtxfe a special payment tl ndto*
i hridend: cover relates 10 prevns c&vidend, Pj'E ratio tod on latest
BmBt tamngs. u Forecast duudend: cover based on pttvrofi ywrt
minings, v Tax free op to 30p in the L. y Dividend and y ield ba sed on
merger terns, z Divide* and yWd Include a spedal Ipayrert: Cove r
joes not apply to special payment. A Net dindrix) and yiehL
B Prefereweavidend passed or deterred. C Ca nwtian. E *An«w m
lender price. F Dividend andyieW based on prospectus or otiieroffidal
est mates (or 1981-82. G Assumed dividend and yield after pending
xripandjor rights issue. H Divdend and yield based on praspecus or
outer afftdal estimates for 1982. K Figures tased on prospectiE or
Other officM esthnetes far 1961 - 82 . M OWdend arei prid torfon
Oi6 or other o ffic ial estbnaies for 1983. N Dividend and yield
...... on vospectus or o t h e r otfcal estonates for 198L P Figures

on prospectus or other offhaal estimates for 1982. fl Gross-
T Figures assumed. Z Dividend total to date.

Abbreviation: m erf ftendend; jc ex senp issue; vr ex rights; a ex
all; 4 ex capital dismbutionL

M
111
Z3J2 Ql47c
289 D166c
28.9 Q54c
23 J2 Q53c

m moc

7^17 Q25c
28.S Q410c
HE —

23jaSS?

■gQ235c

REGIONAL MARKETS

The following is a selection of London quotations of shares sxwosh
listed only *n regnal markets. Prices of trish eswes, mott o* w wuaian f
not officially usied in London, n as oioied on the Irish exchange.

+

/Ubany liw. 20p

Bertrams.™-.—
BdgW. EsL50p.
Cratg&RDBeO—

O.F.S.

Finlay Picg- 5y

QOi -
56123
5J 1BJ
33 33.1
27135

4'm *

9.

4.91192
5.8110
5.ffl 66 ,
3.1(164 ] Ap-
ian.

Free State Dev. 50e
F.S.Geduid 50c —
Harmnw 50c —
LurahieRl

Pres. Brand 50c -
Pres. Steyn 50c -
(St. Helena Rl—

Untsdll ...._

Wetkom50c

Ml. Holding 50c_

2004

£14?g

605

118

06%

04

04%

413

473

£21%

162 0471 jc
911061ft
lUBMc
9 75 -
9J1 0595c
911 0515c
2302 0588c
1281 ■■

Gnig Strip.

HigsdnsBrew.
HStiJos)

[Jos)25p

I.O.M. Stin. fl — .
PearotC.H.) —

Peel Hldgs.

Sheff. Refrflxrt .
Suxblt (Win.)

42

174

420

£12>4

25

£21

65

222

U01 2

Ub) z

80

200

+2

-5*2

IRISH

Com. 9% “80/82-
NaL 9^*684.(89-
Fin. 1396 97)02—
Alliance Gas—

Anvatt—

Carroll (PJ.) I

Concrete Prate —
HertCn (HWgsJ...
Insh (tapes—

Jacob —

TfAG.

Umtiare

— — -t

£9Ps +%
£65% +%

-1%

May

— I 5 ri —

2 silui

id 10.44
149] 13-71

87

AfexCorpn.iya.
July Ang- Am. Coal 50C.
Jly. Anglo Ann-. 10c.
Oct Ang. Am. Gotd Rl
Aug. AncjkK&I 50c —
Jhjw Owter Cons.
ttet Cere. Gdd Fiejds-
May East Rand Con. Mp
May GencerAOc

OIL AND GAS

JlAfnaiFBdte20p.
[Anvil Pec 20p...
[AfflonfoagyCSl..
Il^ae&cin 24 ^
xjAUamicte^

- [125 ( 231

7771 -

— ^SeiWwEx|*L

— Brancn £1

BnL Borneo lOp
6nLtjn.te.C5K)

Bnt. Petroleum
Do. 8% Pf. EL
BrucSMCktKI NL
^BuTatelrttLSS

U9T96j £60
[vCCP North See

28 <3
911

19
tl215|

054-

Finance

25
£32
600

£355*
£22

OPTIONS

3- mo nth Call Rates

Dec Gold Fields 6A. 2c.
Oa Jo*bw9CoraR2.
Feb. Middle WitZje-.
Oa MmortoSBDl.40
Sea New Wit SIX -.—
Patino NVR65.
Nov. Oa Rand London 16c.
October IRand Lon. Coal 50c4

Ocl] Do. Prof. 5Dc_

July Rand Mm. Props. Rl
Fefa.SentnfitlOc_ —
OCL SifaefirtnesZljp-
Nov. Tanks Con. 50p
July DaPret.80p u ,
Jan. rvaaLOons.Ld.Rl-j
Apr. U.C. Invest Rl.
Mar. Vogels 23 jc —

605

7121

28.9 243
115 105

all

1175

urw

low

1231

[an

I 35J
12-1C

FQ30c

Q46c

712
156
2311

me ei

152 QKx

{Rdustrtak

2J

AUieti-Lmns —
Inti.

BOCIi
B3.R —

ftatimr Jt

BarcteysBai*-
BeedQflL.
glue C ircle —
Boms.

BAT.

Brown I JJ —
Baton Ord._
Garfnrys.

Deberfoms

Distilters
Dunlop

Eagle Star.

F.N.F.C.

Gen. Acririenl

Gen. Electric
Glaxo.

Grand

*

G-LLS-'A'.
Gunhan .
G.KJK.

34.9(^2025

1561 5.6%l

10.4U4.4)

13.4-

Diamond and Platinum

Hawker

8

15

42

n

48

19

24

17

38

7
15
9

8
7
15

£

4

28

65

42

17

45

15

30

How of Fraser..

t (r-l

r.CJ

Latfcrofte

Le^)&6«a

Lee Sendee „

Lloyds Bank

“Lofs-

London Bndt™
Lucas tods.—

-Itoro"

Mrks.&

Midbnd
N.£_L_

NaLWesLtoA.
P&ODfiLw.
Ptessey

Elea.

R-HJd
Raric Org. Oro.
Sfced Inn.^^-
Sears
Tesco

Thom EMI ^
Trust HoifiCS
tubelnvesL.
Turner & NewaJL
Undrnr

15

24

B

9

19

10
42

12

12

30

9

14

32

35

sr

26

6

n

13

12

55

Utd. Drapery^.
Vickers.

WMwonte.

7

16

5

Property

BriL Land J

Cap. Counties*.
LandSea—
MEPC

Praps.

Town &. City M

Sri

20

14

U

3ia.

OKs

BriL Petroleum..
Bmrub Oil—
QoutertaU
KU
Premer
SheH.^

Tncentroi.

Uitraaar.

26

IS

6

14

&

30

. i

I ^
* . »

* \

r

1

*- r

>

M

9

I'-

ll

I.:

11 (’■

f L

e

AT

y

>-

s

o

C

lT

IO

0-

ih

it

is

Id

io

in

io

If

of

at

Id

n-

K

to

±

ay

id

ry

u*

a

sy

-St

IT

12 -

W

ce

te-

m-

ist

*?»

n-

ial

be

an

be

in-

m

SC

ts.

ey

to

38

Charter Cons..
Cok.GoU_
Lmto-.-

RjflT.Zinc

25

f

42

Jlr

u>*

>&

70

ed

OF

sal

»e

65 2,01

180 - 4-

Qgs'JiJM.Wdl)

86K67I

May AngloJtm.]nv30c_
Oa D? Beers Df. 5c-
Aug. Do.4QpePf.R5.
Oa iropaUPlar.20c_.
May Lyderturg 12tjc-
May Rus. PtaLlOc

367:

“Recent Is sues* 1 and “Rights" Page 20

or

PS

he

er

This service is avaBahfe to every Company dealt in on Sloe-
E x ch a ng es ttmugho ut the Unttri Krogdoni forafeesl&Oi
per annum hr each securitj

\

J

5:.- x-

24

B?

the most efficient
and widely used

LORRY
LOADER

GEORGE KJHgM MACHINERY UD
23-25 SUNBEAM ROAD, LONDON

Monday March 1 1982

Liberals

likely

to

t

By. Elinor Goodman

Political Correspondent

THE LIBERALS rather than
the Social Democrats look likely
to EUTy the Alliance colours in
the by-election at Beaconsfield,
BucTss, caused by the death at
the: weekend of Sir Ronald Bell,
Conservative JVTP.

•'Sir Ronald, one of the most
outspoken right-wingers on the
Tory backbenchers, had a
majority of 21,495 at the last
election. This makes Beacons-
field one of the 50 or so safest
(Conservative seats.

It is essential to Conservative
■morale that the party holds on
to it

No formal decision will be
taken on which Alliance party
will fight the seat, until after
Sir Ronald's funeral. Mr Roy
Jenkins is already committed to
figtsLin® for the Alliance in the
next by-election — in Glasgow
Hillhead — and the assumption
in both parties yesterday was
that the Liberals would get first
refusal on Beacrmsfield.

Otoe suggestion was that Mr
John Pardoe, the former Liberal
economic spokesman, might
stand, but his family discounted
this.

Is some ways Beaconsfield,
with its large middle class
electorate, might have seemed
a better bet for Mr Jenkins.
At Hillhead his lack of Scottish
credentials seem to be working
against him, judging by one
opinion poll published at the
weekend.

It would take a much larger
swing for the Alliance to win
Beaconsfield than Hillhead,
however. Even with one as big
as Mrs Shirley Williams got in
Crosby, the Alliance would not
be home and dry in Beacons-
field.

The Liberals and the SDP are
in the middle of negotiations
about seats covering Bucking-
hamshire. Berkshire and
Oxfordshire. Beaconsfield ap-
parently was not on either
party's list of priorities.

The Liberals have done quite
well there in the past. They
came second in both 1974
elections, although they were
forced into third place by
Labour in 1979.

The constituency has only
small pockets of Labour sup-
porters on the borders with
Slough. If the Government lost
Beaconsfield, it would be a
serious blow to confidence on
the Tory backbenchers. With
Mrs Williams’s win at Crosby,
it would suggest the SDP really
was making in-roads into the
traditional power base.

Sir Ronald represented the
area since 1950. A prominent
member of the right-wing
Monday Club, he repeatedly
called for the repatriation o£
immigrants. He was a passionate
nationalist and anti-Coramon
Marketeer. He died on Satur-
day soon after addressing an
anti-EEC meeting.

The Prime Minister said she
was “ deeply saddened ” by his
death. He possessed “ two
supreme qualities." He had both
a “ fierce loyalty to the party "
and a “ robust, even defiant,
independence of spirit.”

• Rank-and-file Liberal mem-
bers rebuked the parliamentary
leadership at the weekend over
its backing for the Employment
Bill. The Liberal Council
passed a motion calling on the
parliamentary party to oppose
the Bill at third reading.

It agreed to set up committee
within the party to bear appeals
from local Liberal parties which
feel they have been treated un-
fairly in the negotiations over
seats with the SDP.

Continued from Page 1

Mulley

As

the

he

particularly over defence,
the Defence Secretary in
last Labour Government,
opposes Labour's commitment
to unilateral disarmament.

The far left is strong in
Sheffield, where three weeks ago
Mr Fred Hooley, a left-of-centrc
MP. failed to be re-selected. Mr
Cabora is president of Sheffield
Labour Party, and a vice-
chairman of Sheffield Trades
Council. He is not a member of
the Militant Tendency', which
suggests that, even if Labour’s
current investigation into Mili-
tant leads to a ban on its
members standing as candidates.
Labour moderates will continue
to face difficulties in being re-
selected in some areas.

Mr Midlev served in govern-
ment under both Sir Harold
Wilson and Mr James Callaghan
and is a former party chairman
and member of the executive.

His de-selection will add to
the worries of Mr Michael Foot
the party leader, but he seems
unlikely to make an issue out
of Mr Mulley’s case.

Polish restrictions eased
after bishops’ appeal

BY OUR FOREIGN STAFF

THE POLISH authorities yes-
terday eased some restrictions
as a party delegation leaded by
General V.'njc'.ech Jaruz-Mski,
the country s military leader,
prepared to leave for the first
visit to the Soviet Union since
the imposition of Martial Law
last December.

The relaxations do no* end
the interment and censorship,
bans on strikes and demonstra-
tions, or the use of summary
justice. But they do include the
release of about 300 Internees
greater freedom of travel inside
Poland and abroad and the re-

on

o:

BY PETER RIDDELL, POLITICAL EDITOR

THE GOVERNMENT intends to cess, many uncertainties about materials producer,
introduce a guillotine on Com- the structure of Britoil. the oil The Government will face
mons discussion of its contra- exploration and production side further pressure this week over
versial proposals to sell off of the British National Oil Cor- the Amersham affair during
North Sea. oil operations and to poration which is to be sold. Commons questions and the all-
open up some of the British Gas in particular. Labour SIPs P 3rt >" Public Accounts Commit-
corporation’s operations to com- have been pressing for dis- tee » which meets today, will be
petition. closure of the Articles of Asso- considering whether to start an

An announcement Is likely ciation of Britoil. which should inquiry into the affair,
within the next 10 days of a indicate how UK Government One result of the timetable
timetable motion restricting control is to be ensured. motion will be to curtail debate

further debate on the Oil and The need for a guillotine on on the contentious British Gas
Gas (Enterprise) Bill, which is the Bill at gome stage has been part of the Bill, which the com-
now in committee. recognised from the start by mittee is only just beginning to

There has so far been 54 members of the committee, but examine. Discussions are likely
hours of discussion, including the announcement is certain to to highlight the opposition of
an all-night sitting last week provoke a row in the Commons British Gas to this section,
during which only eight of the and the timetable motion will which has resulted in tense re-
35 clauses were considered, have to be debated on the floor lations between Sir Dennis
None of the original proposals of the chamber. Rooke. Chairman of British Gas,

had been altered. Labour is likely to use the and Mr Nigel Lawson, the

The Government will argue opportunity to renew its criti- Energy Secretary,
that progress has been too slow cisms about the methods of sale
with the Opposition wasting of State-owned assets following
time. The Labour Party reply the large profits made last week been allowed to explain to the
is that it has been trying to by buyers of Amersham Inter- committee what he regards as
clarify, with only limited sue* national, the radioactive the facts of the position.

Japan seeks U.S. trade talks

After some tortous negotia-
tions, Sir Dennis has however

BY CHARLES SMITH, FAR EAST EDITOR rN TOKYO

JAPAN IS TO SEEK a joint Holding regular Cabinet-level
ministerial conference with the meetings on economic issues
U.S. to tackle bilateral trade between Japan and the U.S. was
and other economic problems, proposed in the report of the
The proposal will be put U.S.-Japanese “ Wise Men’s
formally to the U.S. when Mr Group,” a panel of independent
Y. Sakurauchi, Japanese economic experts which met
Foreign Minister, visits "Wash- several times to discuss bilateral
ington later this month. The economic problems between
hope in Tokyo is that the meet- December 1979 and the middle
ing can be before the Paris of last year,
economic summit meeting in The " Wise Men’s ” recom-
the summer. mendation was ignored at the

The aim would be a general time, but is now apparently
understanding at the highest being dusted off by Japan as
possible level on ways in which one of a number possible way’s

the two countries can start to
lower tensions on trade and
related issues.

Japan would send at least six
Ministers to the meeting, pre-
sumably hoping to discuss
matters such as yen-dolJar ex-

to reduce tension.

Another recommendation of
the Wise Men’s Group, to open
a Japanese trade ombudsman’s
office, was acted on last Decem-
ber. The office is now a reality.
Mr Malcolm Baldridge, U.S.

change rate and the discrepancy Commerce Secretary, suggested
between U.S. and Japanese last week that the office would
interest rates as well as trade prove of little use and was “ not
issues. the right way" to tackle the

problem of bilateral trade
imbalances.

Japan's decision to suggest
a ministerial conference follows
the realisation last week that
Washington remained far from
satisfied with progress towards
opening the Japanese market to
U.S. imports.

U.S. dissatisfaction was
forcibly conveyed to a parlia-
mentary mission led by Mr
Masumf Esaki, a farmer
Minister of International Trade
and Industry who visited Wash-
ington last week.

He briefed Mr Zenko Suzuki,
the Prime Minister, on Satur-
day on the result, or rather lack
of result, of bis mission .

Japan’s inner Cabinet of
economic Jlinisters meets
tomorrow to consider what other
steps should be taken about the
increasing trade tensions with
the U.S.

Howe dilemma

Continued from Page

cutting it by a token one point by 12 per cent in line with the
at a cost of £750m. inflation rate would put about

A cut in the standard rate of 2p on a pint of beer. 55p on a
income tax or of value added bottle of gin. lOp on a bottle of

tax seems highly unlikely on
cost and political grounds. The
Chancellor undoubtedly will
raise income-tax thresholds in
line with the inflation rate, and
he may find he can afford extra
help to taxpayers in the lower
ranges. He would like to an-
nounce some held to small busi-
nesses and measures to create
employment in the inner cities.

The normal assumption that
excise duties should be raised

wine, 9p on a packet of 20
cigarettes, and about 9p on a
gallon of petrol.

Some of these duties are
likely to be increased by less
than the full amount, particu-
larly on spirits. In view of
faling pump prices, petrol will
probably not escape full in-
dexation.

David Marsh adds : Oil com-
panies operating in the North

Sea will pay the Treasury about
£lbn today representing this
springs instalment of petro-
leum revenue tax.

The companies have been
sizeable buyers of pounds in
the past few weeks to build up
stocks for the tax
according to foreign
dealers.

These purchases — mainly
against dollars — have been a
significant factor buoying ster-
ling. when it might have been
much weaker because of tbe
fall in world oil prices.

After a bishops' conference Bishops* appeal. General Jaru-

at tbe end of last week. Arch- zelski’s talks in Moscow are

bi -hop -Tocef G'emp. ibi? Polish likely to be of decisive amport-

Prirna'e. ■ and other bishops ance in this respect,

yesterday r^ad from the pulpits General Jaruzelski’s visit to
a strongiy-wo'd :d communique Moscow was announced by the

calling for a compact" official Soviet news agency Tass

between all the forces in society yesterday,

including Solidarity — “to Tass gave no details of the
discuss how to get out of this composition of the Polish dc>e-
catastrophe. ga-tion, nor did it indicate which

The bishops’ call for the Soviet officials it would meet,

suspended Solidarity trade But it seemed probable It would

union movement to join political hold talks with President Leonid

talks was allowed to be broad- Brezhnev and other senior

cast on the State radio. But members of the Kremlin leader-

their plea for an end to Martial ship,

establishment of many domestic Law and an amnesty for “ The Soviet people . . . ex-
and international automatic detained undon supporters was press confidence that the visit
telephone and telex links. cut out of the broadcast version, will facilitate further consqlida-

The relaxations were The message was one of the tion of the relations of friend-
announced by General Kiszczac. toughest to have come from the ship, unity and all-round co-

tbe Interior Minister, in the church during the current operation between the Soviet

wake of nationwide- appeals by crisis. It appears that the Union and the Polish People’s

Poland's church, leaders for authorities will oppose the Republic,” Tass said. The visit

martial law to be lifted. revival of Solidarity despite the is likely to last two days.

Government aims to curb debate

BL union
officials

will have
to work

By Arthur Smith, Midlands

Correspondent

BL CARS will put the seal today
on another victory over the
trade unions as senior shop
stewards at Cowley, Oxford,
return to the bench.

Mr Roy Fraser, the tool-
makers’ unofficial leader, is
among 14 Cowley stewards who
must give up full-time union
activities and go back to their
former jobs.

Union leaders, their reverses
continuing at BL Cars, see little
prospect of being able to mobi-
lise rank-and-file support for a
fight against the company’s in-
sistence that full-time shop
stewards are a thing of the past.
The change, BL says, is an
essential part of its productivity
drive.

In private, union officials con-
cede there might have been
some abuses by shop stewards.
But they hstfeve the company’s
policy is likely to he counter-
productive and apt to result in
more disputes once BL workers
feel themselves to , be in a
stranger negotiating position.

The move comes just two
weeks after the successful im-
plementation of a 39-hour week
at Cowley. The unions had been
confident that workers would
combine to resist the tea-break
reduction of 10 minutes a day
necessary to finance the change.

Opposition at Cowley to the
proposed cut in the relaxation
allowance was considered more
militant than at Longbridge,
Birmingham, where workers
staged a four-week strike last
year which hit production of the
successful Metrol model and
cost nearly £100m in lost pro-
duction.

At Cowley, BL puHed back
from enforcing the deal in
January — more than two
months after the original (im-
plementation date — when the
4,500 workers in the assembly
plant voted to recoup the lost
time by leaving work 15 min utes
earlier each day.

Tbe company, after extensive
negotiations with the unions,
seized the initiative two weeks
ago. It warned that any union
disruption would put at risk a
productivity bonus which had
been £2 to £3 a week and was
then likely to reach £15.

According to BL, only 50
workers left early on tbe first
day after implementation and
10 on the second — a response
that forced the unions to call
off their action.

Union officials, while conced-
ing defeat, are sceptical about
the sudden increase in produce
tivity payments, which they
believe could slip back to
former levels once the changes
necessary to finance the 39-hour
week have been achieved.

One branch of the Transport
Workers’ Union at the Cowley
assembly plant is already urging
national leaders to conduct a
full inquiry into how the bonus
is paid.

BL insurance option

THE LEX COLUMN

Gold fouled by

oil slick

:n o:I prices
i .'turner coun-

Lv:c: ..J gold dealers

hive Lee: i si ■ Tc-.xig troubled
dre-.ms lately cfwi-t the 200-odd
tonnes of gold believed still to
be stared hi Iran as the
” national treasure ” .of tiie
Tehran Government.

Now that the oil states have
undergone a share role trans-
formation from well-heeled gold
accumulators to forced setters,
there are fears that the
Ayatollah Khomeini may at
some point unload even ~ the
state’s iron reserve onto the
world market.

The fail of the gold price
last week to its lowest since
September 1979 — on Friday it
was down $3f at $363 although
still slightly above Monday’s
low point of $359 — marks a re-
surgence of the link between
the bullion and oil price.

The persistent weakness of
the yellow until over the past
six months in. ■/ even have been
a potent l?a indicator of
the ri>du< i. it -,i
hp:as f«ird
tries i hi;- woe :.

The oil price has weakened
because of high Interest rates
and sluggish world growth — the
same factors which have hit
gold. And the rapid reduction
of the Opec surplus has not on\y
removed the flow of oil money
into the gold market which
helped sustain the price over
the past two years but has also
prompted several Middle East
countries to liquidate some of
their holdings — even at a giant
loss — simply to pay the bills.

Iran and Iraq, the two coun-
tries which seem definitely to
have been selling in recent
weeks, made large purchases
during 1979-80. Ironically, that
stopped when war broke out
between them in September
1980 — when the gold price was
double its present level.

Libya and Indonesia, as well
as other Opec members which
climbed rashly on to tbe gold
bandwagon after its price boom
in January 1980, may also have
to sell if their finances continue
to deteriorate. Some East
European states, too, may be
thinking about unloading.

Some of these countries have
already been asking the banks
to arrange gold “ swaps ” In the
way that South Africa has done.
But if too much gold becomes
tied up in collateral this could
be distinctly bearish for the
price. Bankers shudder to think
about what would happen if re-
payment proved impossible on
a string of gold-backed loans.

Foreclosure would prompt
banks to sell the gold collateral,
which would further depress the
price. This would put more
gold-backed creditors in trouble
— and could spark off a vicious

im ’t« Ta *7a *»

circle that would also be highly
itamaging to the value of South
African gold held as collateral
in several bank’s vaults across
the world.

Philips

That international pioneer of
current cost accounting, the
Dutch group Philips, has
decided to modify its account-
ing principles. Next week’s 1981
results will incorporate, for the
first time, a kind of monetary
or gearing adjustment More-
over the. separate inclusion of
revaluation elements in' the
statement of results will make
it possible to report trading
profits both on the basis of
historical costs and current
costs. Philips describes this as
a “ dual-track presentation ”
(although it is definitely not to
be confused with Double Dutch
accounting).

Philips’ previous accounting
basis was adopted in 1971,
although the underlying current
cost principles go back to 1948.
In the past decade multinational
companies have been increas-
ingly buffeted fay high interest
rates and inflation, together
with correspondingly volatile
currency exchange rates. There
has also been tbe . need to
comply with international
accounting standards or with
legal requirements such as
those of fee EEC’s Fourth
Directive.

The main changes are dis-
closed in the current issue of
the BTs World Accounting
Report There is no question of
Philips abandoning its ad-
herence to replacement cost
principles — tbe concept being
that profit is only earned after
making all provisions necessary
for the maintenance of the
enterprise. Philips now finds it
remarkable, however, the
original profit concept dad not
pay any attention to the
financing structure — perhaps
because at tbe time borrowings
were low and interest charges
small. But recently interest paid
has absorbed more than half of

trading profits.

Philips has now decided that
lhe revaluation “ surpluses ”
financed by debt rather than
equity should be credited to
profits. However, the Fourth
Directive will allow only
realised surpluses to be so trans-
ferred. This gearing adjustment,
therefore,' wiU. in practice be
largely restricted to a propor-
tion of the “ extra depreciation
charged on fixed assets, and
(after a short time lag) the
revaluation of stocks. The gear-
ing adjustment will be smaller
than could be justified on a
theoretical basis.

Phillips thus appears to have
arrived at much the same kind
of gearing adjustment as is in-
corpora ted in the UK current
cost accounting standard S5AF
16— -although by a different
route and with different pre-
sentation. And, in contrast to
the S5AP 16 approach. Philips
is not specifically taking account
of the impact of inflation on
monetary working capital.

The gearing adjustment will,
of course, improve Philips’
reported earnings. At the same
time, however, the group is tak-
ing the opportunity to correct a
debatable aspect of the previous
principles, the charging of cer-
tain taxes to revaluation sur-
plus. Another change is the
adoption of the Unilever- type
currency translation method,
now becoming the general inter-
national practice.

What will the impact of all
this be on published profits?
Normally, not very much, it
would appear. But the new
presentation should make it
easier to understand the results.

Company debt

Recent rapid Increases in
bank lending to the company
sector have partly reflected the
elimination of last year’s tem-
porary liquidity bonus pro-
vided by the civil servants’
dispute. Now, the scale of the
company sector's borrowing
requirement is a cause for con-
cern In two of the economic
forecasting reports published
over file weekend.

- Thus the CBI expects bor-
rowing by companies to in-
crease “ fairiy rapidly ” in 1982.
The London Business School
recognises that companies have
in the past been reluctant to
borrow heavily to finance ex-
penditure, and in forecasting a
£2.4bn jump in the sector
financial deficit for 1982 it
judges that tbis-is “near the
limit” of what companies will
accept Significantly, the CBI's
monthly inquiry for February
shows that industry is again
becoming more noticeably
overstocked.

payment,

exchange

UK TODAY

SHOWERS, with snow on high
ground and wind at times.
London. SE, SW, MV. Cent S
England, E Anglia, Midlands,
Channel Isles

Sunny Intervals and showers.
Max 8C (46F).

E. NE. Cent N England. Wales
Some snow on hills. Showers.
Max SC (46F).

Elsewhere

Icy roads with overnight frost.
Snow on hills. Max 6C (43F).
Outlook: Unsettled.

WORLDWIDE

Y'day
midday
*C *F

U.S. group plans Ulster plant

BY OUR BELFAST CORRESPONDENT

MR JAMES PRIOR, the The project involves advanced
Northern Ireland Secretary, engineering technology and a
hopes shortly ro announce the range of products for world
Province’s first major industrial markets.

investment by an overseas The Government hopes the
manufacturer for more than a company will establish a

research and development func-
tion besides its manufacturing
operations and that there will
be a substantial spin-off to local
manufacturers.

The attraction of overseas
companies is an important
and 1J20O "jobs in element in Mr Prior's policy for

Ulster development. But he has
warned that the level of suc-
cess will b e low.

The Government is reviewing
Northern Ireland's package of
financial incentives and is con-

year.

The Northern Ireland Depart-
ment of Commerce said it w.x
in the final stages of negotia-
tions with a UJS. company about
opening a plant near Belfast. It
is believed this could provide
between 1 000
four years.

The identity of tbe company
and lhe ex^ct site of the plant
will not be identified until the
aid package is signed in per-

haps three or four weeks.

Mr Prior hinted al the possi- siderinct the possibility of
bility of the deal when he was concessions.

questioned about job prospects Anthony Morton w rites :
at a conference on the economy British Enkaion has turned
at the Ulster Polytechnic on down an offer for its Antrim
Friday. plant made early this year. It

was rejected because tbe poten-
tial buyer would have wanted
to continue production of carpet
yarns.

Akzo. which owns S3.7 per
ceci of British Enkolon through
Lls Enka fibres arm. is known
to want to eliminate not only
some of its surplus fibre capa-
city in Europe but also some of
the general surplus.

Therefore it :s sticking to its
Mirth 15 deadline for a deci-
sion on the fuiure of the plant
in sp:’e of admitting last week
‘ha: i h e Antrim works were
among its most efficient uitits-

Th; group will concentrate
future output in the Nether-
lands cr.d West Germany.

British Enkalon is thought to
have lost about £2um in the
past three to four years. Closure
costs could amount lo another
£3C*m if the plant is shut.

De Lorca n in talks. Page 4

Aiaczio

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Barcing.

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Berlin

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Bristol

Brussels

Budost.

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If you’ve 1 x 01 site-spotting in
the City lately, you. won’t have
mis s ed the famous Bo vis hunmuDg
bird.

He tells you we’re buskin fact
busier than we’ve ever beenixx more
than 50 years’ exclusive operation of the
Bo vis Fee System of building.

In a world of high binding costs,
constant inflation— and building szzSoaae
of the most attractive prosp ec ts for
investment, Bovis has become the most
sought after city bird since Sir
Christopher Wren!

You won’t have to look fee for the
reasons.

A buSding project undertaken by

Bovis is one of the surest w^cf

achieving quality; value for money;
prompt completion — and where
investmentis concemed,fhe best
possible yield.

And die eatfur yon seek omr
- help, or advice, the mare power to
_your portfolio ...

(Call Bernard Hodgson 01-422 3488.
Bovis Omstructianlimzl&d,

Harrow, Middlesex '

HA20EE.)

BoinsCnmtrnrtinnT Smftpri